Big Tech In Trouble: Apple To Receive Hefty Fine For Alleged EU Law Breach
Portfolio Pulse from Benzinga Neuro
Apple Inc. (NASDAQ:AAPL) is expected to be fined approximately €500 million by the European Commission for allegedly breaching EU law with its music streaming services. This follows a formal complaint by Spotify in 2019, accusing Apple of anti-competitive practices. The fine, one of the largest against tech firms by the EU, highlights ongoing tensions between Brussels and Big Tech over market competition.

February 18, 2024 | 3:14 pm
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Apple Inc. is set to receive a significant fine from the European Commission, amounting to around €500 million for alleged breaches of EU law concerning its music streaming services.
The fine against Apple is a direct result of the European Commission's antitrust probe, initiated by a complaint from Spotify. Such a substantial financial penalty, coupled with the public nature of the accusation, is likely to have a negative impact on investor sentiment in the short term. The news puts Apple in a negative light, potentially affecting its stock price as markets react to regulatory challenges and the implications for Apple's business practices in the EU.
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