Meta’s troubles increased in the market, EU imposed a fine of Rs 71.30 billion for unfair treatment
New Delhi| European Union (EU) regulators fined Facebook’s parent company Meta about 800 million euros, or 71.30 billion rupees. The EU has blamed Facebook Marketplace, a company involved in its own online classifieds advertising business, on Meta for providing unfair benefits. Meta has clearly denied these allegations and has said that it will appeal against it.
The executive arm of the 27-nation bloc European Commission and the top anti-competitive promoter fined Meta 797.72 million euros. The Commission, in its ongoing investigation against Meta, found that it used its power unnecessarily and is accused of distorting competition by linking its advertising business to its social networks.
Meta showed Facebook users marketplace ads whether they wanted to or not. This made it difficult for other companies to compete. Meta is also accused of using data from advertisements of other companies on Facebook and Instagram for the benefit of the marketplace. However, Meta has said in its statement that it disagrees with this fine.
