Meta Platforms Inc. proposed to display listings from classified ads competitor eBay Inc. on Facebook Marketplace as part of its effort to adhere to a significant European Union antitrust ruling that included a EUR 798 million ($822 million or approximately Rs. 7,061 crore) penalty.
The Menlo Park, California-headquartered company announced on Wednesday that it will initiate a trial in Germany, France, and the US that will allow “buyers to view listings from eBay directly on Facebook Marketplace while finalizing their purchase on eBay. ”
Notwithstanding the modifications, the firm stated in a blog post that it still contests the EU’s ruling and that it is pursuing an appeal through the bloc’s judicial system. EBay’s stock increased by 7. 4 percent by 9:19 a. m. during trading in New York.
Meta’s adjustments signify an attempt to follow the EU’s ruling from November, which mandated the company to cease linking its classified-ads service with Facebook’s extensive social media platform, as well as to refrain from enforcing unfair trading practices on competing second-hand goods platforms.
A spokesperson from the commission indicated that Meta is obliged to adhere to the ruling within 90 days following its initial decision.
The multi-million-euro penalty connected with the ruling was one of the last actions taken by former EU competition head and Big Tech antitrust enforcer Margrethe Vestager. During her tenure, the Brussels-based regulator imposed billions of euros in antitrust fines on major American tech firms, including over EUR 8 billion in penalties against Alphabet Inc. ‘s Google.
The accusations against Facebook Marketplace were also investigated by the UK’s Competition and Markets Authority, which opted to accept concessions from the company instead of advancing their inquiry further.
