Competition authority of Turkey has imposed monetary penalty of_______million on Meta Platforms (Facebook).

$18.63 Million

$19.27 Million

$20.69 Million

$22.54 Million

Correct Answer : $18.63 Million

Turkey's competition authority has fined Facebook parent Meta Platforms Inc (META.O) 346.72 million lira ($18.63 million) for breaking competition law, it said on Wednesday(26th Oct 2022).

The Turkish regulator said the company held a dominant position in personal social networking services and online video advertising and had obstructed competitors by merging data collected through its core services Facebook, Instagram and WhatsApp.

In 2021, the competition authority launched an investigation into WhatsApp, and then Facebook Inc., after the messaging app updated its terms of service saying it was reserving the right of its owner Facebook Inc and its subsidiaries to collect user data such as phone numbers and locations, a change that was rolled out globally..

Source : Reuters

Published On : October 27, 2022

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Puducherry

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Sikkim

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