"Europe today 'hit' another great American company, Google, with a $3.5 Billion fine, effectively taking money that would otherwise go to American Investments and Jobs. Please let this Statement serve to represent that Google has also paid, in the past, $13 Billion in false claims and charges for a total of $16.5 Billion. How crazy is that? The European Union must stop this practice against American Companies, IMMEDIATELY!"
"The European Commission on Friday fined Alphabet Inc.'s GOOG GOOGL Google around $3.46 billion (2.95 billion euros) for violating antitrust rules by unfairly promoting its own advertising technology services at the expense of competitors, advertisers, and online publishers. The Commission concluded that Google's self-preferencing practices distorted competition in the online display advertising sector, known as 'adtech,' and ordered the tech giant to stop such conduct and address conflicts of interest in the adtech supply chain. Google now has 60 days to propose corrective measures to the Commission, which will review them before deciding on further action."
"Why It Matter: Google, with advertising as its primary revenue source, operates several tools that connect advertisers and publishers. These include "Google Ads" and "DV360" for programmatic ad buying, "DoubleClick for Publishers (DFP)" as a publisher ad server, and "AdX" as an ad exchange. Advertisers and publishers rely on such tools to manage and place real-time display ads - such as banners on news websites - that are not linked to search queries."
The European Commission fined Alphabet's Google €2.95 billion ($3.46 billion) for violating antitrust rules by unfairly promoting its own advertising technology services, harming competitors, advertisers, and publishers. The Commission found that Google's self-preferencing distorted competition in the online display advertising sector (adtech) and ordered Google to stop the conduct and address conflicts of interest in the adtech supply chain. Google has 60 days to propose corrective measures for Commission review. Google operates key adtech tools including Google Ads, DV360, DoubleClick for Publishers (DFP), and AdX, which manage and place real-time display ads. Former President Donald Trump criticized the fine and cited prior payments he claimed totaled $16.5 billion, urging the EU to stop targeting American companies.
Read at Benzinga
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