EU's crackdown on Apple, Meta and others is to avoid forced breakups, top official says
Publishing timestamp: 2023-09-07 10:06:32
Summary
3) The European Union has announced stricter market rules for U.S. tech giants, including Amazon, Alphabet, Apple, Microsoft, Meta, and ByteDance. These companies have six months to comply with the new rules, which aim to prevent them from favoring their own services and software. Failure to comply could result in fines of up to 10% of global revenue, and potentially even the breakup of these companies. The EU has been criticized for being anti-American, but the commissioner for internal market emphasizes that the goal is not to break up large businesses, but rather to ensure fair competition and allow both European and non-European companies to enter the digital market. In addition to the Digital Markets Act, the EU has also introduced the Digital Services Act, which holds platforms accountable for the content they carry.
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Keywords: eu, united states, alphabet class c, snap inc, business news, europe news, brussels, european commission, microsoft corp, technology, alphabet inc, meta platforms inc, entertainment, politics, apple inc, social media, amazon.com inc,