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European Commission fines Meta €797.72

Anonymous Fri 15 Nov 2024 09:25:01 No.1362428 View View Reply Original Report

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https://ec.europa.eu/commission/presscorner/detail/en/ip_24_5801
The European Commission has fined Meta €797.72 million for breaching EU antitrust rules by tying its online classified ads service Facebook Marketplace to its personal social network Facebook and by imposing unfair trading conditions on other online classified ads service providers.

Anonymous

Anonymous Fri 15 Nov 2024 09:26:11 No.1362429 Report

Quoted By:

In particular, the Commission found that Meta abused its dominant positions in breach of Article 102 of the Treaty on the Functioning of the European Union (‘TFEU') by:
> Tying its online classified ads service Facebook Marketplace to its personal social network Facebook. This means that all Facebook users automatically have access and get regularly exposed to Facebook Marketplace whether they want it or not. The Commission found that competitors of Facebook Marketplace may be foreclosed as the tie gives Facebook Marketplace a substantial distribution advantage which competitors cannot match.
> Unilaterally imposing unfair trading conditions on other online classified ads service providers who advertise on Meta's platforms, in particular on its very popular social networks Facebook and Instagram. This allows Meta to use ads-related data generated by other advertisers for the sole benefit of Facebook Marketplace.

Anonymous

Anonymous Fri 15 Nov 2024 09:27:22 No.1362430 Report

Quoted By:

>Fine
The Commission has ordered Meta to bring the conduct effectively to an end, and to refrain from repeating the infringement or from adopting practices with an equivalent object or effect in the future.

The fine of €797.72 million was set on the basis of the Commission's 2006 guidelines on fines (see press release and MEMO).

In setting the level of the fine, the Commission took into account the duration and gravity of the infringement, as well as the turnover of Facebook Marketplace to which the infringements relate and which therefore defines the basic amount of the fine. In addition, the Commission considered Meta's total turnover, to ensure sufficient deterrence for a company with resources as significant as Meta's.

Anonymous

Anonymous Fri 15 Nov 2024 09:28:23 No.1362431 Report

Quoted By:

>Background
In June 2021, the Commission opened formal proceedings into possible anticompetitive conduct of Facebook. In December 2022, the Commission sent Meta a Statement of Objections, to which Meta responded in June 2023.

Article 102 of the TFEU and Article 54 of the EEA Agreement prohibit the abuse of a dominant position.

Market dominance is, as such, not illegal under EU antitrust rules. However, dominant companies have a special responsibility not to abuse their powerful market position by restricting competition, either in the market where they are dominant or in separate markets.

Fines imposed on companies found in breach of EU antitrust rules are paid into the general EU budget. These proceeds are not earmarked for particular expenses, but Member States' contributions to the EU budget for the following year are reduced accordingly. The fines therefore help to finance the EU and reduce the burden for taxpayers.

More information on this case will be available under the case number AT.40684 in the public case register on the Commission's competition website, once confidentiality issues have been resolved.

Anonymous

Anonymous Fri 15 Nov 2024 10:37:13 No.1362433 Report

Quoted By:

Mark Zuckerberg posts on this board

Anonymous

Anonymous Fri 15 Nov 2024 15:30:20 No.1362443 Report

Quoted By: >>1362492

I got some guitar pedals and an amp for sale if yall wanna buy them

Cannibalistic Humanoid Subterranean Dweller

Cannibalistic Humanoid Subterranean Dweller Fri 15 Nov 2024 21:33:49 No.1362492 Report

Quoted By: >>1362643 >>1362823

>>1362443
.797 euros? This is how much google fine is equivalent to my wallet

Anonymous

Anonymous Sat 16 Nov 2024 08:58:04 No.1362643 Report

Quoted By: >>1362646

>>1362492
They are around 790.72 millions euros around 800 millions dollars

my brane don't work so good no mo'

my brane don't work so good no mo' Sat 16 Nov 2024 09:18:55 No.1362646 Report

Quoted By:

>>1362643
As I stated, 790.72 millions euros would hit Google as much as if I had to pay .790 euros. As they are 1 billion x richer than me. Now, hit me with a 1k euro fine which would be equivalent to Google getting a 1 trillion euro find and OUCH!

Anonymous

Anonymous Sat 16 Nov 2024 10:38:20 No.1362648 Report

Quoted By:

A pittance

Anonymous

Anonymous Sun 17 Nov 2024 20:48:51 No.1362823 Report

Quoted By: >>1362833

>>1362492
why did you reply to me? i dont care that you're broke. im broke too. someone buy my used bullshit, i gotta pay rent

Anonymous

Anonymous Sun 17 Nov 2024 23:09:48 No.1362833 Report

Quoted By:

>>1362823
Whatchu got?

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European Commission fines Meta €797.72