EU slaps Google with $3.5B fine for ad tech monopoly
The European Union just fined Google €2.95 billion ($3.5 billion) for abusing its power in the digital ad market—marking the fourth time Google's faced this kind of penalty from the EU.
Investigators found that Google's practices made advertising more expensive for brands and cut into publisher earnings.
Google plans to appeal the fine
The EU wants Google to make major changes to its ad tech business—possibly even selling off parts—to fix what it calls a "conflict of interest."
Competition chief Teresa Ribera says these changes are needed, but Google isn't on board and plans to appeal, calling the fine "unjustified" and warning it could hurt European businesses, according to Lee-Anne Mulholland, the company's global head of regulatory affairs.
The company has 60 days to respond or risk further action.
This clash is adding fuel to the ongoing tech regulation debate between Europe and the US.