Meta to Pay Israel $6.65M for Failing to Report Acquisitions

Israel’s Competition Authority says it reached an agreement with Meta Platforms Inc., under which the social media giant will pay a $6.65 million fine for failing to report two acquisitions.

• The penalty relates to acquisition of Redkix in 2018 and Servicefriend in 2019
• “At the time of the merger, Meta had a monopolistic market share in the social networking market for private users” and therefore was required to report the planned deals before they were carried out, Competition Authority says

To contact the reporter on this story:
Marissa Newman in Tel Aviv at mnewman129@bloomberg.net

To contact the editors responsible for ...