In a bid to adhere to a significant antitrust ruling from the European Union, Meta Platforms Inc. has proposed to incorporate listings from eBay Inc. into Facebook Marketplace. This development follows an EU decision that resulted in a hefty fine of EUR 798 million (approximately $822 million or Rs. 7,061 crore).
The company, based in Menlo Park, California, announced on Wednesday that it will initiate a pilot program in Germany, France, and the United States. This initiative will allow users to view eBay listings directly on Facebook Marketplace, with transactions being completed on eBay’s platform.
Despite implementing these changes, Meta expressed its disagreement with the EU’s ruling in a recent blog post, stating that it is actively seeking to appeal the decision in the EU courts. The announcement resulted in a notable increase in eBay’s shares, which rose by 7.4 percent by 9:19 a.m. during trading in New York.
Meta’s move is part of its response to the EU’s mandate issued in November, which ordered the company to cease linking its classified ads service with its social media platform. The ruling also prohibits Meta from imposing unfair conditions on competing second-hand goods services.
A spokesperson for the European Commission mentioned that Meta is obligated to comply with the ruling within 90 days of the initial decision.
The substantial fine associated with this ruling was one of the final actions taken by Margrethe Vestager, the former EU competition chief known for her efforts to regulate Big Tech. Under her tenure, the Brussels-based regulatory body imposed billions of euros in antitrust fines against major US technology companies, including more than EUR 8 billion in penalties against Alphabet Inc.’s Google.
Additionally, the UK’s Competition and Markets Authority had also investigated the practices of Facebook Marketplace but opted to accept concessions from the company instead of continuing with a more thorough investigation.
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