Meta Platforms, Inc. (NASDAQ:META) reportedly faces a substantial EU fine over allegations that it is attempting to monopolize the classified advertising market.
Brussels is intensifying its crackdown on anti-competitive practices among major tech companies, reported Financial Times.
EU antitrust chief Margrethe Vestager will likely manage the investigation. Meta did not provide additional comments to the Financial Times but reiterated a prior statement that the European Commission’s claims are unfounded.
The company reportedly emphasized that it is collaborating with regulatory authorities to prove that its product innovations are both consumer-friendly and competitive.
Read: Meta Platforms Faces A Looming EU Antitrust Fine, Braces For Market Turbulence Yet ...
