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EU Commission: Meta is likely breaching antitrust laws

2022-12-19T11:02:21Z

Woman holds smartphone with Meta logo in front of a displayed Facebook’s new rebrand logo Meta in this illustration picture taken October 28, 2021. REUTERS/Dado Ruvic/Illustration

The European Commission on Monday said it had told Facebook parent company Meta (META.O) that it is likely breaching EU antitrust laws by distorting competition in the markets for online classified ads and abusing its dominant position.

“The Commission takes issue with Meta tying its online classified ads service, Facebook Marketplace, to its personal social network, Facebook. The Commission is also concerned that Meta is imposing unfair trading conditions on Facebook Marketplace’s competitors for its own benefit,” the commission said in a statement on its preliminary view.

The sending of a statement of objections does not prejudge the outcome of an investigation, the commission said, adding that – should it conclude there was an infringement – it could impose a fine of up to 10% of the company’s annual global turnover.