EU to fine Meta over $1 billion for antitrust breaches

The European Union is planning to fine Meta, the parent company of Facebook, up to $1 billion or more for breaking its antitrust rules. This fine comes as the EU is enforcing a new law aimed at regulating big tech companies, including Meta. Sources indicate that the European Commission, which oversees these antitrust issues, believes Meta is not following the Digital Markets Act. This law was introduced in 2023 and targets companies considered as "gatekeepers" in the tech industry. The expected fine could be significant, possibly reaching over $1 billion. EU officials are likely to finish their investigation into Meta soon, with an announcement about the fine and other actions anticipated shortly after. They may also issue a notice telling Meta what it needs to change to comply with the law. Both Meta and the European Commission have not responded to requests for comments. In addition to Meta, Apple could also face a fine under the same regulations. Earlier this month, reports suggested both companies might receive fines for similar issues. The Digital Markets Act allows the EU to impose fines worth up to 10% of a company's global revenue for violations, which can increase for repeat offenders. The EU accuses Meta of forcing users into a difficult choice between paying for a subscription or allowing their personal data to be used for ads. Meta has criticized EU demands, saying they go beyond the law's requirements. Former President Trump has criticized the EU's penalties, calling them "overseas extortion," and has suggested potential retaliatory tariffs. This situation reflects ongoing tensions between the EU and U.S. tech companies regarding regulatory standards and competition.