The European Commission gives Google a 2.7 Billion $ Fine!
Mother Google just got punched by The European Commission! They found out that Google was using their search engine unfairly when it comes to shopping, by leading people to their own shopping platform.
Margrethe Vestager, the bloc's top antitrust official said in her statement:
What Google has done is illegal under EU antitrust rules,It denied other companies the chance to compete on the merits and to innovate. And most importantly, it denied European consumers a genuine choice of services and the full benefits of innovation.
While a Google Spokesperson replied with this statement:
We respectfully disagree with the conclusions announced today,We will review the Commission's decision in detail as we consider an appeal, and we look forward to continuing to make our case.
The Commission concluded that Google has been using it's position illegally, by giving priority placement of it's own shopping platform and by removing the competition.
The $2.7 billion fine represents just over 2.5% of Google's revenue last year and Alphabet, Google's owner, had $92.4 billion in cash as of end of March.
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Credits: CNN