Brussels: Meta Platforms Inc. is reportedly on the verge of receiving a substantial fine from the European Union due to alleged attempts to monopolize the classified advertising sector, according to a Financial Times report on Wednesday.
The report, citing sources familiar with the matter, reveals that EU regulators will argue that Meta, the parent company of Facebook, has unfairly linked its free Marketplace services with its social network to disadvantage competitors.
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The EU’s ruling could be announced as soon as next month and is expected to be one of the final investigations led by the EU’s outgoing competition commissioner, Margrethe Vestager. Both Meta and the EU have not yet responded to requests for comment from Reuters.
