Meta accused of non-compliance with EU antitrust rules

Investors have remained on the sidelines amid a broad sell-off in tech stocks this year. Shares of Facebook parent Meta have fallen more than 30% this year amid a troubling macro environment and weaker-than-expected earnings results.

Igor Golovanov | SOPA Images | Light Rocket | Getty Images

Facebook parent company Meta was accused by European Union regulators on Monday of failing to comply with landmark EU anti-competition rules regarding its recently launched ad-supported social networking service.

The Commission has dubbed the ad-supported subscription option a “pay or consent” model – meaning users must either pay to use Meta's platform ad-free, or consent to have their data processed for personalised advertising. The service was rolled out to Facebook and Instagram in Europe last year.

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