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Benzinga
Benzinga
Politics
Anusuya Lahiri

After US, Big Tech Sees More Trouble From EU: Reuters

European Union Nasdaq Google United States Alphabet Inc Apple Meta Microsoft Corp
  • Strict new rules targeting the U.S. tech giants will likely be effective in October, Reuters reports based on EU antitrust chief.
  • In 2021, Margrethe Vestager proposed a list of dos and don'ts for Amazon.com Inc (NASDAQ:AMZN), Apple Inc (NASDAQ:AAPL), Meta Platforms Inc (NASDAQ:FB), Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) unit Google and Microsoft Corp (NASDAQ:MSFT) under the Digital Markets Act.  
  • Also Read: US Senate Votes On App Store Bill Targeted At Big Tech
  • The penalties for the breach of the Act ranged from 10% of a company's annual global turnover to 20% for repeat offenders who could face an acquisition ban.
  • The companies assigned as online gatekeepers would have six months to comply with the new rules.
  • Price Action: GOOG shares closed higher by 2.03% at $2,826.24 on Thursday.
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