The European Union is planning to bring formal charges against Amazon.com Inc. AMZN in its investigation into the e-commerce giant's antitrust practices, the Wall Street Journal reported.
What Happened
The investigators have been examining for about two years if the Seattle-based company violated the bloc's rules by being both a marketplace and a seller at the marketplace at the same time, and the charges could be filed as soon as next week, according to the Journal.
Amazon could be asked to pay as much as 10% of its annual global revenue, or $28 billion according to 2019 figures, the Journal noted. It is also likely to be asked to change its business practices.
Why It Matters
The company, along with other technology giants, including Alphabet Inc. GOOGL and Facebook Inc. FB, are also facing a federal antitrust probe in the United States.
According to a Journal report in April, Amazon executives, facing pressure to increase sales, used privileged third-party data to decide which product line the company should launch next.
Amazon Price Action
Amazon shares closed nearly 3.4% lower at $2,557.96 on Thursday. The shares traded 0.9% higher in the after-hours session at $2,557.96.
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