The European Union hit Meta, the parent company of Facebook, with a $840 million fine this week over its classified advertisement business.The European Commission, the European Union's executive arm and chief antitrust regulator, imposed the fine of $840 million on the company after a lengthy investigation concluded it abused its market dominance and engaged in anti-competitive practices.
'The case originated in 2021, when regulators from the European Union and the United Kingdom launched parallel investigations into Meta's classified ads business. The U.K. regulator concluded its probe last year after Meta agreed to certain concessions.
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