According to local resources, Facebook will be fined by Europe.
According to European Union competition watchdogs, Facebook and Instagram are taking advantage of the popularity of social media to gain an unfair advantage.
The European Union has charged Meta, the parent company of the enormous social media sites Facebook and Instagram, with violating antitrust laws.
The competition watchdog of the European Union believes that social media platforms used their market dominance to preclude competition in the online classified ads market. An analysis carried out by the same EU committee further supported this claim.
The EU commission was extremely concerned about Meta’s marketplace’s connection to the Facebook platform. The Facebook marketplace is virtually untouchable from rival marketplaces because anyone who uses Facebook can access it, regardless of whether they “want it or not,” according to the EU commission, which claimed that this was unfair to competitors.
According to a commission member, “The Commission takes issue with Meta tying its online classified ads service, Facebook Marketplace, to its personal social network, Facebook.”
Another statement read, “The Commission is also concerned that Meta is imposing unfair trading conditions on Facebook Marketplace’s rivals for its own benefit.”
The EU Commission further revealed that Meta had been utilizing information from online classified services from Facebook and Instagram advertisers for their own gain.
The investigation is still ongoing, but once the EU watchdogs have enough proof against Meta, they will find the company more than 10% of its annual revenue, or about $11 to $12 billion.
Meta asserted its right to refute the charges and refuted any allegations of anti-competitive behavior.
“We’ll keep collaborating with regulatory bodies to show that our product innovation is competitively and consumer-friendly.