Internet giant Amazon recently received a sky-high fine.
The Italian Competition and Markets Authority (AGCM) recently released a statement saying that Amazon was suspected of abusing its dominant position in the logistics market to harm the interests of other market participants, and fined it 1.128 billion euros (about 8.1 billion yuan).
On December 10, local time, Amazon's stock price fell by 1.12%. In the 13 trading days since November 19, Amazon's stock price has fallen by 6.81%, and the total market value has evaporated by $127.673 billion, about 813.1 billion yuan.
Suffered a sky-high fine of 8.1 billion yuan
The Italian Competition and Markets Authority recently issued a sky-high fine to Amazon.
Source: AGCM official website
According to a statement released by the Italian Competition and Market Authority a few days ago, Amazon dominates the Italian logistics services market, and Amazon uses this advantage to encourage active sellers on the platform to adopt its own logistics services, thus limiting other competitors. This approach hurts the interests of other market participants, while also reinforcing Amazon's dominance in the market.
Based on this, the Italian antitrust agency Competition and Markets Authority said it would impose a fine of 1.128 billion euros on Amazon. According to the latest exchange rate of the renminbi against the euro, it is about 8.1 billion yuan. In addition to the fines, Italy's antitrust regulator has also demanded that Amazon take corrective action and be subject to review and supervision.
It is understood that this antitrust investigation against FBA began as early as April 2019. At that time, Amazon provided self-operated logistics services to third-party merchants on the platform, and if this service was selected, merchants would gain traffic advantages, and products would be placed in a more prominent position and higher search rankings, thereby increasing product sales.
The market value evaporated 813.1 billion yuan in 13 days
On December 10, local time, Amazon's stock price fell by 1.12%. In the 13 trading days since November 19, Amazon's stock price has fallen by 6.81%, and the total market value has evaporated by $127.673 billion, which is about 813.1 billion yuan according to the latest rmb/US dollar exchange rate.
