According to insiders, the US company Meta (Facebook, Instagram, WhatsApp) is facing a billion-dollar fine from the European Union (EU). The authorities in Brussels are expected to impose the fine within the next few weeks, insiders said. It is about violating competition rules.
The antitrust watchdogs accuse the company, founded and run by Mark Zuckerberg, of an unreliable link between the online network Facebook and the advertising portal Facebook Marketplace. In addition, Meta Marketplace competitors are disadvantaged if they want to advertise on Facebook or Instagram.
The decision on the fine will be announced before the end of the term of office of the current EU Competition Commissioner Margrethe Vestager in November, the insiders said. The EU Commission did not want to comment. Meta believes the allegations are without foundation. Companies that violate EU antitrust law face fines of up to ten percent of their annual global turnover. In Meta’s case, this would be 13.4 billion dollars. However, the actual fines imposed are usually much lower.
Glasses frame with camera
Regardless, Zuckerberg wants to continue to drive growth at Meta. He is considering investing in the world’s largest eyewear manufacturer, EssilorLuxottica. This was announced by the head of the French-Italian group, Francesco Milleri. EssilorLuxottica is honored, but Meta would have to buy up the shares on the stock exchange based on the current situation, said Milleri.
There has been speculation about an entry for weeks. The glasses manufacturer owns brands such as Ray-Ban and Oakley, and Meta could acquire a share of up to five percent. Both companies are already working together. They developed a glasses frame with a camera and speakers, which Meta believes is part of the future with artificial intelligence (AI). Thanks to such glasses, software with AI can see what people are currently seeing – and respond better to the situation, said Zuckerberg. In addition, an AI chatbot can use it to communicate with users when they don’t have a display in front of them.
This article was updated at 6:30 p.m.
