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Meta Platforms Inc (NASDAQ:META) shares are trading lower on Thursday. The technology giant is poised to receive its first EU antitrust fine for linking its classified advertisements service, Marketplace, with its Facebook social network, Reuters writes in its exclusive report.
This decision from the European Commission comes more than 18 months after Meta was accused of unfairly bundling the two services together.
The EU competition authority claims Meta misused its dominance by imposing unfair trading conditions on rival online classified ad services that use Facebook or Instagram.
Meta could face a fine of up to $13.4 billion, representing 10% of its 2023 global revenue, although EU fines are typically much lower.
The European Commission is expected to issue its decision in September or October before EU antitrust chief Margrethe Vestager leaves office in November.
Also Read: Meta Oversight Board Calls For Clearer Rules Against AI-Generated Pornographic Content
Meta spokesperson Matt Pollard told Reuters, "The claims made by the European Commission are without foundation. We continue to work constructively with regulatory authorities to demonstrate that our product innovation is pro-consumer and pro-competitive."
Last year, Meta attempted to resolve the EU investigation by restricting the use of competitors' advertising data for Facebook Marketplace, but the EU enforcer rejected this offer. However, the U.K. competition regulator accepted a similar proposal.
Earlier this month, the European Commission charged Meta with failing to comply with new tech regulations due to its recently introduced pay-or-consent advertising model launched in November.
Meta stock has gained more than 56% in the last 12 months. Investors can gain exposure to the stock via Vanguard Communication Services ETF (VOX) and Communication Services Select Sector SPDR Fund (NYSE:XLC).
Price Action: META shares are trading lower by 0.28% at $460.00 at the last check on Thursday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Pixabay
