Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

EU to Hit Meta with New Antitrust Charges

Thu 10 Nov 2022 | 09:59 PM
Omnia Ahmed

European Union (EU) antitrust enforcers are preparing to send Facebook a list of charges over the tech firm's anti-competitive abuses on its marketplace platform.

The social media giant will face a statement of objections from the European Commission that would lay out how Meta could be leveraging its social media site Facebook into its classified ads service known as Marketplaceز

This week, CEO Mark Zuckerberg told employees that he is laying off more than 11,000 workers (13% of total staff).

“Today I’m sharing some of the most difficult changes we’ve made in Meta’s history,” Zuckerberg said in a letter to staff.

The mass layoffs, the first in Meta's 18-year history, follow Twitter's decision to lay off ‘thousands’ of employees last week.

Zuckerberg pointed out that he had anticipated rapid growth even after the COVID-19 pandemic ended.

“Unfortunately, this did not play out the way I expected,” he said in his letter. "I got this wrong, and I take responsibility for that.”

The CEO elaborated: “Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected."