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Meta to face antitrust charges in Europe over customer data use, sources say

Click to play video: 'Facebook’s parent company Meta lays off thousands as revenue slumps'
Facebook’s parent company Meta lays off thousands as revenue slumps
WATCH: Facebook's parent company Meta lays off thousands as revenue slumps – Nov 9, 2022

EU antitrust regulators are drawing up charges against Facebook parent Meta over its use of customer data and the tying of its classified advertisements service to its social network, people familiar with the matter said, asking not to be named.

The European Commission can impose fines up to 10 per cent of a company’s global turnover for antitrust violations. Meta declined to comment.

The Commission began an investigation into the social network company in June last year. Britain’s competition agency also began an enquiry on the same day.

In recent months, the Commission has asked Meta rivals to remove confidential information from their submissions to the regulator. Typically, that is the precursor to the Commission sending companies under investigation a statement of objections detailing what it sees as anti-competitive practices.

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Meta’s classified ads business called Facebook Marketplace was launched in 2016 and is used in 70 countries to buy and sell items.

Politico was the first to report a statement of objections is imminent.

Click to play video: 'Global News Morning Market and  Business Report – November 7, 2022'
Global News Morning Market and Business Report – November 7, 2022

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