As Meta announced that it will permit certain items to appear on Facebook Marketplace, its well-known network that links customers for local item pickups and more, eBay’s shares shot up 12% on Wednesday. The stock of eBay hit its highest point since November 2021.
The rollout will start with a test in Germany, France, and the US, where purchasers will be able to examine listings immediately on Marketplace and finish their purchases on eBay.
Meta is making this step in an effort to please the European Commission, the EU’s executive branch, which fined the firm 797 million euros ($821 million) in November for linking its Marketplace product to the main Facebook app.
Competitors may be effectively “foreclosed” by Meta’s combination of Marketplace and Facebook, given the platform’s extensive distribution reach. Over 3 billion people use Facebook worldwide.
Source (CNBC)