Amazon, Apple, Facebook & Alphabet to Face 6-10% Fines on New EU Rules
Amazon, Apple, Facebook and Alphabet’s Google may have to change their business practices in Europe or face fines between 6-10% under new draft EU rules. The power of the US tech giants is about to be curbed, as the European Commission’s frustration with antitrust cases against them rises.
One set of rules called the Digital Markets Act calls for fines up to 10% of annual turnover for online gatekeepers found breaching the new rules. It additionally sets out a list of dos and don'ts, which will be classified according to criteria such as number of users, revenues and the number of markets in which they are active. The second set is known as the Digital Services Act, and will target online platforms with 45 million + users, tackling illegal content, misuse of platforms, election manipulation, and more.
Additionally, companies will be required to show details of political advertising on their platforms and the parameters used by their algorithms to suggest and rank information.
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