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The European Commission has fined Meta €797 million for antitrust violations related to Facebook Marketplace, accusing the company of unfairly tying its classified ads service to its social network. Meta plans to appeal the decision while asserting that users can choose whether to engage with Marketplace. The ruling follows a two-year investigation into Meta's practices, which the Commission claims could hinder competition in the EU market.
Meta Platforms Inc. has been fined €798 million ($841 million) by EU regulators for abusing its dominance in the classified ads market by linking its Facebook Marketplace to its social network. The European Commission has mandated that Meta cease this practice and stop imposing unfair trading conditions on competing second-hand goods platforms.
VanEck has launched a new SUI-based exchange-traded note (ETN) across 15 European markets, providing investors exposure to the Sui blockchain without direct ownership of SUI tokens. The ETN, backed by SUI tokens held in cold storage at Bank Frick, features a 1.5% expense ratio and is linked to the MarketVector Sui VWAP Close Index. As Sui's trading volume and price surge, reaching $3.44 with a potential rise to $5, the ETN aims to simplify crypto investments in a regulated environment.
Meta Platforms shares fell 0.8% to USD 580.00 after a brief rally, failing to break the USD 600 mark. The stock remains in a consolidation zone, with potential upside if it surpasses USD 600, while downside risks include support levels at USD 575.18 and USD 565.83. Further declines could target USD 544.23 and the long-term 200-day line at USD 509.37.
Meta Platforms shares fell 0.8% to USD 580.00 after a brief reversal, struggling to break the USD 600 mark despite a recent peak of USD 599.66. The stock remains in a USD 50.00 consolidation zone, with potential upside if it surpasses USD 600.00, while downside risks include support levels at USD 575.18 and USD 565.83. Further declines could target the 100-day line at USD 535.49 and the 200-day line at USD 509.37.
UBS reports that while AI capital expenditures by major tech firms are rising, the return on investment remains limited, with monetization expected to improve post-2026. Adoption rates are increasing across various sectors, and UBS favors investing in big tech due to their financial strength and growth potential, despite existing risks like regulations and cybersecurity.
Locanda Verde, a beloved Tribeca restaurant, is set to open a second location on November 15 at 50 Hudson Yards, the headquarters of BlackRock Inc. This expansion comes after 15 years of success in its original spot, catering to a loyal clientele, including notable figures like Goldman Sachs CEO David Solomon.
Meta has reduced subscription fees for its ad-free versions of Facebook and Instagram by 40% for EU users, lowering the monthly cost to €5.99 for desktop and €7.99 for mobile. Users can also access the platforms for free with less personalized ads based on minimal data points. This move aims to comply with EU regulatory demands following significant fines for data privacy violations.
Meta has received a Shonky award for failing to protect Australians from scams, with losses reaching $95 million in 2023. Queensland retiree Gary lost $110,000 to an investment scam featuring images of prominent figures, highlighting the platform's inadequate response to reported fraudulent ads. The government is now enforcing legislation that could impose fines of up to $50 million on social media companies that do not take sufficient measures against scams.
ValueAct Capital Management has acquired a $1 billion passive stake in Meta Platforms Inc., the parent company of Facebook. Currently, there are no plans for an activist campaign, and the firm may disclose the position in a filing soon.
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