Google stock price was up on Thursday, trading at $99.63 as of 01:50 PM EDT
In the midst of sluggish settlement negotiations, Reuters claims that Europe’s antitrust regulators are drafting accusations against Google (NASDAQ:GOOG) (NASDAQ:GOOGL) regarding its advertising technology business. According to the article, the European Commission will probably announce the fees at the beginning of next year.
The European Commission began looking into Google’s online advertising last year.
Thursday’s weakening tech market caused Google stock to decline: (NASDAQ:GOOG) -1.6%, (NASDAQ:GOOGL) -1.8%. Google might be fined a fourth billion euros as a result of the allegations. Almost the previous ten years, the firm has accrued over €8 billion in EU antitrust fines.
Several antitrust lawsuits have been filed against Google. In an effort to avoid a DOJ lawsuit, the corporation reportedly offered to divide up its ad-tech division this summer. While this was going on, a court in Europe last month mainly upheld a €4.1B+ fine against the firm for exploiting its market dominance by tying its Android OS to it.
Google Stock Fueled By Market Dominance
Over the past few years, Google’s dominance in online advertising has come under growing scrutiny. Antitrust investigations into its operations have been conducted on five continents as a result of complaints from rivals about its alleged anti-competitive behavior.
Through the first half of the year, Google’s advertising division produced close to $111 billion in revenue. Refinitiv forecasts that analysts anticipate Google to generate $233 billion in ad revenue this year, an increase of around 11% from the previous year.
Although Google’s ad business has many different components, search advertising generates the most money. Selling advertisements on the websites and applications of third parties as well as on YouTube, Gmail, and other internal services are additional features.
Featured Image- Megapixl @ Miluxian
Author Jowi Kwasu 
