Meta Faces EU Fine Over Alleged Monopoly in Classified Ads

PANews reports that Meta Platforms (META.O) is facing a potential hefty fine from the European Union for allegedly monopolizing the classified advertising market. The news comes as Brussels takes action against global tech giants for anti-competitive behavior.

According to the Financial Times, EU regulators are poised to accuse Facebook's parent company of tying its free marketplace service to its social network, thus undermining rivals. Three senior sources familiar with the matter have stated that the EU could make a decision as early as next month, marking one of the final investigations overseen by outgoing EU Competition Commissioner Margrethe Vestager.

Meta declined to comment on the matter, but referenced a previous statement that claims, "The EU Commission's allegations are unfounded. We will continue to work with regulators to demonstrate how our product innovations benefit consumers and competition."

If found guilty, the tech giant could face a fine of up to 10% of its global annual revenue, which reached nearly $135 billion in 2023. However, regulators typically issue lower penalties.