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European Commission Issues Statement of Objection to Meta for Monopoly in the Advertising Business

The European Commission has issued a statement of objection to Meta, the parent company of Facebook, claiming that the online advertising business may have abused its market dominance and distorted competition in the online classifieds market. This statement is a preliminary assessment and does not represent the final findings of the European Commission. If Meta is found to be in violation of EU antitrust law, it could face a fine of up to 10% of its global annual turnover.

The statement cites concerns that Meta's bundling of its online classifieds service, Facebook Marketplace, with its social media platform may have resulted in unfair trading conditions for competitors. This comes on the heels of a 265 million euro fine imposed on Meta at the end of last month for the leak of personal information belonging to hundreds of millions of Facebook users.

It is important to note that the statement of objection issued by the European Commission is not a final determination of wrongdoing. However, it is a significant development and indicates that the European Commission is actively investigating potential violations by Meta. If the company is ultimately found to be in violation of antitrust laws, it could face significant financial consequences.

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