Meta and TikTok have challenged a European Union supervisory fee in court, arguing it is disproportionate and based on flawed calculations. The fee, imposed under the 2022 Digital Services Act, charges 0.05% of global net income to cover the EU’s cost of ensuring compliance, Reuters’ Foo Yun Chee reports. Meta told judges at the General Court it is not trying to avoid paying its fair share of the fee, but it questioned how the Commission had calculated the fee, saying it had been based on the revenue of the group rather than of the subsidiary. Other publicly traded companies in the social media space include Pinterest (PINS), Reddit (RDDT) and Snap (SNAP).
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on META:
- Zuckerberg Writes a $14B Check to Catch Up in the AI Race
- Energy Deal Creates Technical Bullish Signal for Meta Platforms Stock (META)
- Meta Platforms (META) Will Test Direct Messaging on Its Threads App
- AI Daily: Meta to pay nearly $15B for 49% stake in Scale AI
- Snap (SNAP) to Launch New Augmented Reality Smart Glasses in 2026
Looking for a trading platform? Check out TipRanks' Best Online Brokers guide, and find the ideal broker for your trades.
Report an Issue