EU Initiates Antitrust Inquiry in Facebook's Marketplace: Reuters

June 4, 2021 11:57 AM | 1 min read |

The E.U. antitrust regulators launched a probe into Facebook Inc’s FB Marketplace to track the potential violation of the E.U. rules by employing advertising data to compete with the advertisers in classified ads, Reuters reports.
Facebook refuted the allegations and ensured complete cooperation.
Facebook also acknowledged that Marketplace and dating offer people more choices and operate in a highly competitive environment with multiple big incumbents.
Last month the European Competition Commissioner was reportedly preparing to launch the probe.
Price action: FB shares traded higher by 1.80% at $331.91 during the market session on the last check Friday.