June 4, 2023
Meta 01

The European Union may fine Meta 92 billion for suspected violation of “anti-monopoly regulations”

The European Commission preliminarily determined on Monday that Meta, the parent company of the US social media Facebook, was suspected of violating “antitrust regulations” in the online classified advertising market. If there is sufficient evidence, Meta may face a fine of up to US$11.8 billion (about HK$92 billion), approximately It is one-tenth of Meta’s total annual revenue.

The European Commission issued preliminary findings on December 19, pointing out that Meta occupies a dominant position in the European personal social network market and social media online advertising market. Such an obvious sales advantage may crowd out Meta’s competitors and let Facebook Users choose to connect to Facebook Marketplace when they have no choice, creating “unfair conditions” for its competitors.

Meta’s director of competition in Europe, the Middle East and Africa (EMEA), Tim Lamb, responded that he believes the European Commission’s allegations are groundless and will continue to cooperate with regulatory authorities to demonstrate that its product innovation supports consumption and competition. of.


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Ewen Eagle

I am the founder of Urbantechstory, a Technology based blog. where you find all kinds of trending technology, gaming news, and much more.

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