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Tech giants Apple, Google, and Meta are seeking the support of the incoming President Donald Trump to counter the European Union’s strict regulatory policies. The tech giants intend to use the incoming administration’s influence to challenge the EU’s Digital Markets Act (DMA). The regulatory body is also considering investigating the social media network of the incoming president’s “first buddy,” X (formerly Twitter), for breaching content moderation rules.  However, all cases are currently on hold as regulators are reportedly considering the political implications of the incoming administration. The reassessment could lead to Brussels reducing or changing the scope of the investigation.  The EU’s Digital Markets Act (DMA) imposes strict rules on major platforms to ensure fair competition. Effective since 2022, the DMA targets large companies with significant market influence and mandates them to alter certain business practices to allow market contestability.  Refusal to comply with regulatory policies can result in fines of up to 10% of a company’s global revenue.  Apple, Google, and Meta face regulatory red tape in the EU For large companies like Meta and Google, dominating the market is an easy feat. However, they often leave little room for upcoming competitors to grow. Because of this imbalance, the European Union introduced the Digital Markets Act (DMA) initiative to ensure fair competition.  However, these regulations are unlike those in the business climate in the United States, and they often interfere with these companies’ regular operations. The end result has been a growing number of fines and lost revenue due to non-compliance. Other than continent-wide watchdogs, national regulators are also cracking down on “gatekeeper” companies in efforts to promote more competitive markets. In the UK, Google is currently under scrutiny by the Competition and Markets Authority (CMA) under the newly implemented Digital Markets, Competition and Consumers Act (DMCC).  The regulatory…

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Filed under: News - @ January 14, 2025 11:21 pm