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kjr @kbin.social

2y ago

Spain fines Apple and Amazon €194M for colluding to restrict competition

Spain fines Apple and Amazon €194M for colluding to restrict competition

Amazon and Apple were found guilt of colluding to limit the sale of Apple products by third-party sellers on the huge online retail platform.

5 comments

That’s a rounding error on their P&L
For context: Amazon has a market-capitalization of almost 1.4 Trillion USD and Apple one of over 3 Trillion USD.
AKA: This is a slap on the wrist that would have required two or three more zeroes to be actually painful.
- Statista says:
  In 2022, Amazon's total consolidated net sales revenue amounted to 514 billion U.S. dollars
  Their part of the fine is about $56.7 million, making it about 0.01% of that amount.
  In US minimum wage terms, that's working full time for a year and then having to pay about $1.50.
Always fucking stupid how low are this fines. They should fine them up to 30 billions.