Amazon () faces a record-breaking £637 million ($887 million) EU privacy fines even though the tech giant was based in the tax haven in Luxembourg. The ramifications of this fine have sent a reverberating shockwave in California.
Tech giants have long gone un-monitored but all that has now changed, now the EU will push to enforce other anti-trust and anticompetitive laws on the big six.
Amazons stock price fell by almost 8% following the announcement on Friday closing at 3,327.59 USD−272.33
These EU privacy fines were imposed after the European Union data privacy regulator said the e-commerce giant had violated multiple elements of the EU’s signature privacy law, known as GDPR, in an advertising-related decision.