Meta's Millions: Israel penalises Facebook's parent for 'monopolistic' practices

Israel penalises Meta: The corporate entity overseeing Facebook, Meta, faces a fine of 25 million Shekels (USD 6.8 million) as part of a settlement concerning its failure to appropriately notify Israel's Competition Authority regarding the acquisitions of Israeli companies Redkix in 2018 and Service Friends in 2019.

Meta's Oversight Lands it in Hot Water

Meta, formerly Facebook, has agreed to the settlement terms, which also include a commitment to inform the Competition Authority about future merger transactions in which the company is involved.

Monopolistic Market Share Triggers Regulatory Scrutiny

Due to Meta's substantial size, Israeli regulations categorise it as possessing a "monopolistic" market share. Consequently, the company was required to notify the Authority about its acquisitions of the Israeli firms before finalising the deals.

The penalty showcases Israel's commitment to maintaining a fair and competitive business landscape, ensuring that even tech giants are held accountable for adhering to regulatory requirements. Meta's financial penalty serves as a cautionary tale for other companies operating in Israel's markets.