APPLE could become the first company to face hefty fines under the EU’s new Digital Markets Act (DMA). The European Commission is probing whether the tech giant broke competition rules by restricting rivals’ access to data on iPhones.
Launched in November 2022, the DMA aims to rein in “gatekeepers” with a market capitalization of €75 billion or more, who have a core platform service such as a messaging or social media service that reaches at least 45 million monthly active end users in the EU.
The Commission can investigate breaches of the DMA itself and fine companies up to 10% of their global annual turnover for violations, and it can also go back five years in its analysis. APPLE generated $365.82 billion in global revenue in its fiscal 2022, meaning that it could face fines of up to $36.6 billion if the entire amount was levied against it.