EU Fines Send Shockwaves Through Big Tech Giants

The European Union has penalized Apple and Meta with hefty fines for violating digital market rules. Apple faces a €500 million fine for prohibiting app developers from steering users to external options, while Meta is charged €200 million for forcing users into personalized ad options. Both companies plan to appeal.

The European Union has flexed its regulatory muscles by handing down substantial fines to tech behemoths Apple and Meta. These penalties are in response to apparent violations of the bloc's stringent digital competition regulations. Apple has been fined 500 million euros for blocking app developers from directing users to cheaper alternatives outside its App Store.

Meanwhile, Meta faces a 200 million euro fine, a result of forcing Facebook and Instagram users to make a difficult choice between viewing personalized ads or paying an additional fee. Both companies have expressed their intention to appeal these decisions.

These enforcement actions, while significant, are not as substantial as previous multi-billion euro fines. The penalties come under the EU's Digital Markets Act, legislation intended to prevent big tech companies from monopolizing digital spaces and ensuring greater consumer choice.

(With inputs from agencies.)