EU imposed a fine of Rs 71.30 billion for unfair behavior on Facebook
Meta: The problems of Facebook's parent company Meta seem to be increasing in the international market. Where European Union (EU) regulators on Thursday imposed a fine of about 800 million euros i.e. Rs 71.30 billion on Facebook's parent company Meta.
On Thursday, European Union (EU) regulators imposed a fine of about 800 million euros i.e. Rs 71.30 billion on Facebook's parent company Meta. The EU has blamed Meta for giving an unfair advantage to Facebook Marketplace, a company associated with its own online classified advertising business. Meta has clearly denied these allegations and said that it will appeal against it.
The European Commission is an executive of the 27-nation block and the top anti-competition enforcer. It has slapped a fine of 797.72 million euros on Meta. In its ongoing investigation against Meta over linked advertising business to its social network, it has found that the company abused its power and is accused of distorting competition in respect.
Meta made the marketplace ads forcibly appear to the users of Facebook, whether they intended to see it or not. It made other businesses struggle to compete. Meta is also accused of using data from other companies' ads on Facebook and Instagram to make marketplace ads favorable. However, according to Meta, in the statement, it has denied agreeing to this fine.
