EU fines Apple, Facebook €700 million

The European Union sanctioned Apple and Meta for competition infractions in the EU's digital markets, confiscating hundreds of millions

Quick overview

  • The European Union has imposed fines of 500 million euros on Apple and 200 million euros on Meta for competition violations in the digital market.
  • Apple failed to comply with the 'anti-steering' provisions of the Digital Markets Act, which requires it to inform users about offers outside the App Store.
  • Meta was penalized for unlawfully requiring customers to pay for an ad-free service or consent to data sharing.
  • Meta's chief global relations officer criticized the EU's actions as an attempt to disadvantage American companies while favoring Chinese and European competitors.

The European Union sanctioned Apple and Meta for competition infractions in the EU’s digital markets, confiscating hundreds of millions in fines.

 

The Apple fine has been set at 500 million euros, while Meta’s will total 200 million euros.

Regarding Apple, “the company has failed to comply with what is known as ‘anti-steering’ under the DMA,” said one official of the Commission.

Under the law’s provisions, Apple must alert users to offers outside the App Store without restrictions. This effort is known as the EU’s Technologies Law. The Global Positioning System incurred costs, which the European Union reimbursed, due to the clashing policies stemming from tech monopoly dominance.

Apple was the subject of failed prior attempts that sought to impose sanctions aimed at lifting socially detrimental information restrictions aimed at stifling competition. Suffice it to say, the moniker tech giant is fitting, as Apple has been inundated with ceaseless calls from government entities and regulators around the world accusing the company of abusing its dominant position.

Several decisions of US District Courts compelled Apple to remove policies regarding the closed sea approach in Europe.

According to the EU Commission, Meta unlawfully asked customers to pay for an ad-free service or authorize the company to share their data

The Commission is “trying to handicap successful American businesses while allowing Chinese and European companies to operate under different standards,” according to a statement from Joel Kaplan, chief global relations officer at Meta.

This is more than a fine; the Commission’s insistence that we alter our business strategy amounts to a multibillion-dollar tariff on Meta and requires us to provide a subpar service.

ABOUT THE AUTHOR See More
Olumide Adesina
Financial Market Writer
Olumide Adesina is a French-born Nigerian financial writer. He tracks, analyzes, and reports changes in financial markets with over 15 years of working experience in investment trading.

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