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Market
Will Apple be fined $38 billion by the EU?
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EU Investigates Apple for First DMA Breach, Faces $38 Billion Fine
Jun 24, 2024, 01:24 PM
The European Union has initiated an investigation and issued preliminary findings against Apple for allegedly breaching the Digital Markets Act (DMA). The EU accuses Apple of anti-competitive practices, particularly regarding its App Store rules that prevent third-party app developers from steering consumers to alternative payment methods and marketplaces. EU Commissioner Thierry Breton stated on Monday that Apple's practices have long squeezed out innovative companies and denied consumers new opportunities and choices. If found guilty, Apple faces a penalty of up to 10% of its global annual revenue, which could amount to $38 billion based on 2023 figures. This marks the first charge under the DMA, aiming to rein in the power of Big Tech and ensure a level playing field for smaller rivals. Additionally, the EU has opened a non-compliance investigation into Apple's new contractual requirements for third-party app developers and app stores.
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