But it could have been a lot worse for both companies.
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00:00For the first time since its inception, the European Union has levied fines for breaching
00:04its Digital Markets Act. The culprits, according to the European Commission, are Apple and Meta,
00:09which have been fined a combined $797 million. Meta was hit with a $570 million fine because
00:16the Commission found that, for a period of time, users weren't given the option of using free
00:21versions of the company's various platforms. Meta, of course, disagrees with the decision,
00:26saying, quote, this isn't just about a fine. The Commission forcing us to change our business
00:30model effectively imposes a multi-billion dollar tariff on Meta while requiring us to offer an
00:36inferior service. Apple, meanwhile, will cough up roughly $300 million for violations stemming from
00:42how app developers communicate with users within its app store. However, it seems the two tech
00:47giants got off easy. The DMA stipulates it can fine a company up to 10% of its annual global revenue for
00:53a first offense. Meta's revenue totaled $164 billion last year, while Apple brought in nearly $400
00:59billion. That'll do it for your daily briefing. From New York City, I'm Lauren Torres with The Street.