Meta slides after EU says the Facebook-parent company could pay R200 billion in fines | Business Insider

As a result, the Facebook-parent company could face up to R200 billion in fines.go to www.BusinessInsider.co.zaThe European Union filed a complaint against Meta for a potential breach in antitrust policies, citing the close link between the company's social network service Facebook and its online shopping platform Facebook Marketplace.

"With its Facebook social network, Meta reaches globally billions of monthly users and millions active advertisers," EU Antitrust Commissioner Margrethe Vestager said in a statement."Our preliminary concern is that Meta ties its dominant social network Facebook to its online classified ad services called Facebook Marketplace."

If Meta is found guilty, the tech giant could face a fine of up to 10% of its annual global revenue, the European Commission said. Based on its 2021 figures, that means the Facebook-parent company could pay up to $11.8 billion, the equivalent of more than R200 billion.

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