EU slaps Meta with nearly 800M euro fine for "abusive" marketplace practices
European Union regulators issued their first antitrust fine to Facebook parent Meta on Thursday with a penalty of nearly 800 million euros for what they call "abusive practices" involving its Marketplace online classified ads business.
...It's the first time the EU has imposed a fine on the social media giant for breaches of the bloc's competition law. Brussels has already slapped Big Tech rivals Google and Apple with billions in antitrust penalties.
In 2023, Meta's net income was $39 billion for the year on sales of $135 billion. An 800€ million fine is 2.1% of their net revenue. Do you think Meta cares? They made those $39 billion precisely because of their various disgusting practices, so I doubt there's a chance they'll stop because 2.1% of their net income will now go away. Speaking of "going away," I also doubt Meta will actually pay any of that in real terms. In conclusion, a pointless show.
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European Union regulators issued their first antitrust fine to Facebook parent Meta on Thursday with a penalty of nearly 800 million euros for what they call "abusive practices" involving its Marketplace online classified ads business.
...It's the first time the EU has imposed a fine on the social media giant for breaches of the bloc's competition law. Brussels has already slapped Big Tech rivals Google and Apple with billions in antitrust penalties.
In 2023, Meta's net income was $39 billion for the year on sales of $135 billion. An 800€ million fine is 2.1% of their net revenue. Do you think Meta cares? They made those $39 billion precisely because of their various disgusting practices, so I doubt there's a chance they'll stop because 2.1% of their net income will now go away. Speaking of "going away," I also doubt Meta will actually pay any of that in real terms. In conclusion, a pointless show.
Join The American Majority!