- Strict new rules targeting the U.S. tech giants will likely be effective in October, Reuters reports based on EU antitrust chief.
- In 2021, Margrethe Vestager proposed a list of dos and don'ts for Amazon.com Inc AMZN, Apple Inc AAPL, Meta Platforms Inc FB, Alphabet Inc GOOG GOOGL unit Google and Microsoft Corp MSFT under the Digital Markets Act.
- Also Read: US Senate Votes On App Store Bill Targeted At Big Tech
- The penalties for the breach of the Act ranged from 10% of a company's annual global turnover to 20% for repeat offenders who could face an acquisition ban.
- The companies assigned as online gatekeepers would have six months to comply with the new rules.
- Price Action: GOOG shares closed higher by 2.03% at $2,826.24 on Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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