The European Commission has imposed significant fines on tech giants Apple and Meta for breaching EU antitrust rules, totaling hundreds of millions of euros.
The European Commission has imposed significant fines on two of tech’s biggest players, Apple and Meta. The penalties total in the hundreds of millions of euros.
Apple was hit with a €110 million fine for breaching EU antitrust rules when it refused to license its video encoding standard to ‘Microsoft’ . The commission claims that this refusal stifled competition in the market for internet browsers, specifically those using the Safari browser on Apple devices.
Meta, now known as Meta Platforms, Inc., was fined €400 million for abusing its dominant position in the online dating market through its acquisition of ‘Giphy’ . The commission says that this acquisition restricted competition and innovation in the market for display advertising.
Meta builds technologies that help people connect, find communities and grow businesses.
The company's primary products include Facebook, Instagram, Threads and WhatsApp, in addition to other products and services.
Founded in 2004 by Mark Zuckerberg, Meta's mission is to give people the power to build community and bring the world closer together.
The EU’s antitrust chief, Margrethe Vestager, stated that ‘these decisions demonstrate our commitment to promoting fair competition across the digital sector.’ She added that ‘companies must not abuse their dominant positions to stifle innovation or limit consumer choice.’
These fines are part of a broader effort by the European Commission to enforce competition law in the tech sector. The commission has been cracking down on companies for anticompetitive practices, such as predatory pricing and exclusive agreements.
The impact of these fines will be felt across the tech industry, as companies must now adhere to stricter regulations and guidelines. This includes ensuring fair competition and innovation in digital markets, which is essential for consumers and businesses alike.
