Europe’s Battle With Big Tech: Billions In Fines And Tough Laws – Barron’s

The European Union is on a mission to rein in US tech giants, which have been accused of tax avoidance, stifling competition, raking in billions from news without paying for it and spreading misinformation.

In the past few years, the EU has slapped eye-watering fines on Apple and Google in tax and competition cases, and drawn up a landmark law to curb the market dominance of Big Tech. Brussels has also toughened its code of conduct on disinformation and hate speech.

As a European court prepares Wednesday to rule on Google’s appeal of a massive 4.3-billion-euro antitrust fine ($5 billion at the time it was levied), we look at the battle between Brussels and Silicon Valley:

The digital giants are regularly criticised for dominating markets by elbowing out rivals.

In July, the European Parliament adopted a landmark law, the Digital Markets Act, to curb the market dominance of Big Tech, with violations punishable with fines of up to 10 percent of a company’s annual global sales.

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Read Full Story: https://www.barrons.com/articles/europe-s-battle-with-big-tech-billions-in-fines-and-tough-laws-01663126807

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