Meta Platforms faces new EU charges over Facebook Marketplace
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Meta Platforms (NASDAQ:META) shares gave up 3% Monday as the European Union charged the Facebook parent with antitrust violations related to its Marketplace online classified ad service.
Among the accusations levied by the European Commission, the antitrust enforcement side of the E.U., is that by giving Facebook users automatic access to Marketplace, Meta (META) is tamping down on the ability of classified-ad services to reach potential customers.
"Meta ties its online classified ads service, Facebook Marketplace, with its dominant personal social network, Facebook," said Margrethe Vestager, the executive vice president in charge of enforcing the E.U.'s competition policies. "This means that users of Facebook automatically have access to Facebook Marketplace, whether they want it or not."
The E.C. also said it is looking into Meta (META) imposing unfair business conditions on other ad services that use Instagram along with Facebook.
Monday's accusations come in the wake of the E.U. launching its investigation into Marketplace last year.
For its part, Meta (META) has countered the E.U. claims by saying that Facebook users can choose on their own whether or not they use Marketplace.
Separately, J.P. Morgan analyst Doug Anmuth on Friday raised his rating on Meta's (META) stock to overweight from neutral on the grounds of the company showing "increased discipline" regarding its cost structure.