The executive arm of the European Union isn’t shying away from slapping major tech companies with hefty fines. The European Commission has fined Meta €797.12 million ($842 million) for violating antitrust regulations.

The EU fined online giant Meta almost 800 million euros on Thursday for breaching antitrust rules by giving users of its Facebook social network automatic access to classified ads service Facebook Marketplace.

The bloc's executive arm says Facebook users are exposed to the platform's Marketplace service whether they want to be or not, resulting in antitrust violations.

Meta is introducing a new ad option in Europe that allows Facebook and Instagram users to opt for less data tracking. This free option will show ads based on basic demographics and current browsing activity rather than extensive user history.

Meta has reduced the price of its ad-free subscription versions of Facebook and Instagram by 40 per cent for European Union (EU) users. This has been done to comply with regulatory demands in the region,