European Commission Charges Meta With Antitrust Violations, May Face $11.8 Billion Fine

According to CNBC reports, the European Commission's Antitrust Affairs Bureau warned Facebook's parent company Meta that it violated EU antitrust rules because Meta distorted the normal competition pattern in the online classifieds market. The European Commission opens an investigation into Meta in June 2021 to investigate "possible anti-competitive conduct by Facebook," and Meta will have the opportunity to argue its case. Meta could face a fine of up to 10% of its annual global revenue if the Commission finds that Meta violated antitrust rules. That could mean fines worth as much as $11.8 billion for Meta, which has annual revenue of $117.92 billion in 2021.