The European Commission has fined Meta €797.72 million after saying the tech giant's Marketplace held an unfair advantage.

The European Union has fined Facebook’s parent company Meta over $840 million for violating antitrust laws through its Facebook Marketplace classified ads platform. European regulators say Facebook Marketplace has an unfair advantage over competitors due to the dominance of Facebook’s social media network.

European Union regulators hit Facebook parent Meta with a fine of nearly 800 million euros on Thursday for what it calls “abusive practices” involving its Marketplace online classified ads business.