Tech giant Google is about to pay a lot of money according to sources. These sources have revealed that the European Union’s anti-trust regulator is going to hit Google with a record fine as early as Tuesday this week.
Margrethe Vestager, competition chief of the European Commission, is set to give Google a fine that would break Intel’s record fine of $1.06 billion euros back in 2009. Vestager is no stranger to shelling out monstrous penalties on major tech companies. She ordered that Apple pay back 13 billion euros in back taxes in Ireland just a year ago.
According to the sources, Google’s fine should be between 1.1 and 2.0 billion euros. The maximum penalty allowed is 8 billion euros.
So what did Google do to deserve such a penalty? According to Brussels, Google has given its own online shopping services the top priority in search results.
More importantly for Google, Brussels will demand that the US tech giant change its business practices to meet the EU’s concerns.
“We continue to engage constructively with the European Commission and we believe strongly that our innovations in online shopping have been good for shoppers, retailers and competition,” Google spokesman Mark Jansen argued.
Disclaimer: We have no position in Alphabet Inc Class A (NASDAQ: GOOGL) and have not been compensated for this article.