Connect with us

Bussiness

Meta accused of breaching EU antitrust rules over ad-supported subscription service

Published

on

Meta accused of breaching EU antitrust rules over ad-supported subscription service

Investors are staying on the sidelines amid a broad selloff in tech stocks this year. Shares of Facebook parent Meta are down more than 30% this year amid a troubling macro environment and weaker-than-expected results.

Igor Golovniov | SOPA Images | LightRocket | Getty Images

Facebook parent company Meta was on Monday accused by EU regulators of failing to comply with the bloc’s landmark antitrust rules over its recently introduced ad-supported social networking service.

The Commission labelled the ad-supported subscription option a “pay or consent” model — which means users have to either pay to use Meta’s platforms ad-free, or consent to their data being processed for personalized advertising. The service was introduced for Facebook and Instagram in Europe last year.

Continue Reading