Shares of eBay rose 12% on Wednesday Meta said it’ll allow some listings to be displayed on Facebook Marketplace, its popular platform that connects consumers for local item pickups and more.
eBay shares reached their highest level since November 2021.
The rollout will begin with a test in Germany, France and the United States, where buyers will have the option to view listings directly on the marketplace and complete the remainder of their transactions on eBay, Meta said in a release.
Meta's move is an try to appease the European Commission, the European Union's executive body, after the regulator fined the corporate 797 million euros ($821 million) in November for sharing its Marketplace product with the primary Facebook app.
At the time, the Commission said that Meta and Facebook's bundling of Marketplace could end in effectively “foreclosure” of competitors, given the platform's distribution reach. Facebook has greater than 3 billion users worldwide.
The Commission also stated that Meta imposes “unfair trading conditions” on other online classified promoting service providers that publicize on its platforms, particularly Facebook and Instagram. It added that these terms allow Meta to make use of data generated by other advertisers for the good thing about Marketplace.
Meta appealed the ruling on the time, saying it “ignored the realities of Europe's thriving market for online classifieds services.”
“While we disagree with the European Commission's decision on Facebook Marketplace and continue to appeal, we are working quickly and constructively to develop a solution that takes into account the issues raised,” the corporate said on Wednesday.
eBay didn’t immediately reply to a request for comment.
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