European Union hits Apple and Meta with nearly $800 million in fines amid U.S. trade tensions
Under the EU’s Digital Markets Act, Apple is required to allow developers to freely inform customers of alternative offers outside its App Store.
Gabby Jones | Bloomberg via Getty Images
The European Union on Wednesday fined Apple and Meta hundreds of millions of euros each for breaching the bloc’s digital competition laws.
The European Commission, which is the executive body of the EU, said it was fining Apple 500 million euros ($571 million) and Meta 200 million euros ($228.4 million) for breaches of the Digital Markets Act (DMA).
Officials said that Apple failed to comply with so-called “anti-steering” obligations under the DMA. Under the EU’s tech law, Apple is required to allow developers to freely inform customers of alternative offers outside its App Store.
The tech giant was ordered by the EU to remove technical and commercial restrictions on steering and to refrain from perpetuating its non-compliant conduct in the future.
Apple said in a statement that it planned to appeal the EU fine while continuing its discussions with the Commission.
“Today’s announcements are yet another example of the European Commission unfairly targeting Apple in a series of decisions that are bad for the privacy and security of our users, bad for products, and force us to give away our technology for free,” Apple said.
“We have spent hundreds of thousands of engineering hours and made dozens of changes to comply with this law, none of which our users have asked for. Despite countless meetings, the Commission continues to move the goal posts every step of the way,” the company added.
For Meta, the EU Commission found that the social media group illegally required users to consent to sharing their data with the company or pay for an ad-free service. This was in response to Meta’s introduction of a paid subscription tier for Facebook and Instagram in November 2023.
Joel Kaplan, Meta’s chief global affairs officer, said in a statement that the Commission was “attempting to handicap successful American businesses while allowing Chinese and European companies to operate under different standards.”
“This isn’t just about a fine; the Commission forcing us to change our business model effectively imposes a multi-billion-dollar tariff on Meta while requiring us to offer an inferior service. And by unfairly restricting personalized advertising the European Commission is also hurting European businesses and economies,” Kaplan said.
The EU said its fine for Meta took into account steps that the tech giant took to comply with its rules through a new version of its free personalized ads service that uses less personal data to display advertisement.
“The Commission is currently assessing this new option and continues its dialogue with Meta, requesting the company to provide evidence of the impact that this new ads model has in practice,” regulators said.
Meta was sent a cease-and-desist order by the EU ordering it to make changes to its less personalized ads option over the coming 60 days or face further fines, according to a source familiar with the matter, who asked to remain anonymous as the information is not public.
The antitrust decision risks potential retaliation from U.S. President Donald Trump, who has made no secret of his displeasure with the EU’s regulatory enforcement actions on America’s digital giants.
Earlier this month, the Trump administration imposed so-called “reciprocal” tariffs of 20% on EU goods entering the U.S. He later dropped the new tariff rates on dozens of trading partners — including the EU — to 10% for a limited time period for trade negotiations.
The reciprocal tariffs came after Trump earlier issued a directive threatening to impose tariffs on Europe to combat what he called “overseas extortion” of American tech companies through digital services taxes, fines, practices and policies.
FILE PHOTO: Ariel Cohen during a panel at DLD Munich Conference 2020, Europe’s big innovation conference, Alte Kongresshalle, Munich.
Picture Alliance for DLD | Hubert Burda Media | AP
Navan, a developer of corporate travel and expense software, expects its market cap to be as high as $6.5 billion in its IPO, according to an updated regulatory filing on Friday.
The company said it anticipates selling shares at $24 to $26 each. Its valuation in that range would be about $3 billion less than where private investors valued Navan in 2022, when the company announced a $300 million funding round.
CoreWeave, Circle and Figma have led a resurgence in tech IPOs in 2025 after a drought that lasted about three years. Navan filed its original prospectus on Sept. 19, with plans to trade on the Nasdaq under the ticker symbol “NAVN.”
Last week, the U.S. government entered a shutdown that has substantially reduced operations inside of agencies including the SEC. In August, the agency said its electronic filing system, EDGAR, “is operated pursuant to a contract and thus will remain fully functional as long as funding for the contractor remains available through permitted means.”
Cerebras, which makes artificial intelligence chips, withdrew its registration for an IPO days after the shutdown began.
Navan CEO Ariel Cohen and technology chief Ilan Twig started the company under the name TripActions in 2015. It’s based in Palo Alto, California, and had around 3,400 employees at the end of July.
For the July quarter, Navan recorded a $38.6 million net loss on $172 million in revenue, which was up about 29% year over year. Competitors include Expensify, Oracle and SAP. Expensify stock closed at $1.64on Friday, down from its $27 IPO price in 2021.
Navan ranked 39th on CNBC’s 2025 Disruptor 50 list, after also appearing in 2024.
Jensen Huang, CEO of Nvidia, speaking with CNBC’s Jim Cramer during a CNBC Investing Club with Jim Cramer event at the New York Stock Exchange on Oct. 7th, 2025.
Kevin Stankiewicz | CNBC
Shares of Amazon, Nvidia and Tesla each dropped around 5% on Friday, as tech’s megacaps lost $770 billion in market cap, following President Donald Trump’s threats for increased tariffs on Chinese goods.
With tech’s trillion-dollar companies occupying an increasingly large slice of the U.S. market, their declines send the Nasdaq down 3.6% and the S&P 500 down 2.7%. For both indexes, it was the worst day since April, when Trump said he would slap “reciprocal” duties on U.S. trading partners.
After market close on Friday, Trump declared in a social media post that the U.S. would impose a 100% tariff on China and on Nov. 1 it would apply export controls “on any and all critical software.”
Amazon, Nvidia and Tesla all slipped about 2% in extended trading following the post.
The president’s latest threats are disrupting, at least briefly, what had been a sustained rally in tech, built on hundreds of billions of dollars in planned spending on artificial intelligence infrastructure.
In late September, Nvidia, which makes graphics processing units for training AI models, became the first company to reach a market cap of $4.5 trillion. Nvidia alone saw its market capitalization decline by nearly $229 billion on Friday.
OpenAI counts on Nvidia’s GPUs from a series of cloud suppliers, including Microsoft. OpenAI is only seeing rising demand.
In September it introduced the Sora 2 video creation app, and this week the company said the ChatGPT assistant now boasts over 800 million weekly users. But Microsoft must buy infrastructure to operate its cloud data centers. Microsoft’s market cap dropped by $85 billion on Friday.
The sell-off wiped out Amazon’s gains for the year. That stock is now down 2% so far in 2025. It competes with Microsoft to rent out GPUs from its cloud data centers, but it doesn’t have major business with OpenAI. The online retailer is now worth $121 billion less than it was on Thursday.
“There continues to be a lot of noise about the impact that tariffs will have on retail prices and consumption,” Amazon CEO Andy Jassy told analysts in July. “Much of it thus far has been wrong and misreported. As we said before, it’s impossible to know what will happen.”
Tesla, which introduced lower-priced vehicles on Tuesday, saw its market capitalization sink by $71 billion.
The automaker reports third-quarter results on Oct. 22, with Microsoft earnings scheduled for the following week. Nvidia reports in November.
Google parent Alphabet and Facebook owner Meta fell 2% and almost 4%, respectively.
WATCH: Pres. Trump: Calculating massive increase of tariffs on Chinese products into U.S.
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