FILE - In this file photo dated Friday, April 23, 2021, the Facebook app is shown on a smart phone, in Surfside, USA. European Union regulators said Friday June 4, 2021, they have opened an antitrust investigation into Facebook to look into whether the company distorts competition in the classified advertising market by using data it collects from rival services.
“Facebook collects vast troves of data on the activities of users of its social network and beyond, enabling it to target specific customer groups,”, the European Commission’s executive vice president in charge of competition policy. “We will look in detail at whether this data gives Facebook an undue competitive advantage, in particular on the online classified ads sector, where people buy and sell goods every day, and where Facebook also competes with companies from which it collects data.
The EU's executive commission, the bloc's top antitrust enforcer, is looking at the possibility that Facebook collects data on what users are interested in based on how rival classified ad sites are advertising their services to Facebook users. The commission is worried Facebook then uses that data to tailor Marketplace to outcompete the rival sites.
The EU and U.K. investigations could result in formal charges, but it’s not a given. Regulators have the power to impose penalties worth up to 10% of a company's annual revenue, which in Facebook’s case would amount to billions of dollars.gained new powers to use on digital companies
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