Meta, the company that owns Facebook, could get hit with big fines from the European Commission for actions that are said to hurt competition. The Commission says Meta’s connection of its Marketplace service to Facebook is unfair and hurts competing businesses. According to people who know about the case, the tech giant could be fined up to 10% of its world income, which in 2022 would be about $135 billion.
The European Commission started its probe in 2019, and in 2022, it revealed its first results. Margrethe Vestager, who was in charge of competition policy at the time, said that Meta may have broken EU competition rules by using rival data and putting unfair conditions on businesses. Meta is likely to fight any fines because it is already being investigated by the EU in other ways.
This event happened at a very interesting time for the Commission, as Teresa Ribera has taken over as competition head from Margrethe Vestager.