EU approves new antitrust rules targeting big tech companies

The European Union has approved important new antitrust rules that could dramatically reshape the business models of tech giants Meta, Apple, Amazon and Google, and the rules are expected to take effect in October.

The European Parliament and EU member states have reached a landmark agreement on the Digital Markets Act, a comprehensive set of rules aimed at curbing the market power of companies by tightening their grip on the internet economy.

The rules will apply to so-called “gatekeepers,” technology companies with a market capitalization of at least 75 billion euros ($83 billion), or annual revenue within the European Union of at least 7.5 billion euros in the past three years. They also have at least 45 million monthly users or 10,000 commercial users in the EU.