Meta is under investigation by the EU for antitrust issues and may face a fine of $11.8 billion

ChainCatcher news, according to CNBC, the European Commission's antitrust office has warned Facebook's parent company Meta for violating EU antitrust rules, as Meta distorted the normal competitive landscape of the online classified advertising market. The European Commission launched an investigation into Meta in June 2021, examining "potential anti-competitive behavior by Facebook," and Meta will have the opportunity to argue its case.

It is reported that if the Commission finds Meta in violation of antitrust rules, Meta could face fines of up to 10% of its global annual revenue. For Meta, which had an annual revenue of $117.92 billion in 2021, this could mean fines of up to $11.8 billion. (source link)