On Wednesday, Turkey’s competition authority said it had fined Meta Platforms Inc, which owns Facebook, 346.72 million lira ($18.63 million) for breaking competition law.
In a statement, the Turkish Competition Board said it had decided that the company had hurt its competitors in the social network services and online advertising markets by combining data from Facebook (NASDAQ:META), Instagram, and WhatsApp.
Related:Â Trading volume in the Metaverse fell by 80%, but the buzz hasn’t subsided.Â
The fine was based on how much the company will make in 2021, the authorities said.
($1 = 18.6080 liras)
