Meta Appeals Against EU's Designation Of Messenger, Marketplace As 'Gatekeepers' Under Digital Markets Act; Will Not Challenge Designations For Facebook, Instagram And Whatsapp; To Work Constructively With European Commission To Prepare For Compliance
Portfolio Pulse from Benzinga Newsdesk
Meta Platforms Inc. is appealing the EU's classification of its Messenger and Marketplace services as 'gatekeepers' under the Digital Markets Act. However, Meta will not contest the same designation for Facebook, Instagram, and WhatsApp, and intends to cooperate with the European Commission to ensure compliance.
November 15, 2023 | 5:02 pm
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Meta's appeal against the EU's 'gatekeeper' designation for Messenger and Marketplace could impact regulatory scrutiny and compliance costs.
Meta's decision to appeal the EU's designation may lead to a prolonged legal process, which could affect the company's operations in Europe. However, since Meta is not challenging the designation for its main platforms and is willing to work with the European Commission, the short-term impact on the stock is likely to be neutral. Investors will be watching for the outcome of the appeal, which could have longer-term implications for Meta's business in the EU.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
The news does not directly impact VGK as it is an ETF that tracks the European equity market and is not directly related to Meta's legal challenges.
VGK is a broad European ETF and is not significantly impacted by individual regulatory actions against a specific company like Meta. The ETF's performance is more closely tied to the overall European market conditions rather than the legal outcomes of its individual holdings.
CONFIDENCE 90
IMPORTANCE 10
RELEVANCE 10