New EU regulations aim to address power of US big tech monopolies

The European Union has drafted rules that could result in profound changes to big tech’s hold on power in Europe, according to a report today.

Under the “Digital Services Act,” companies such as Google LLC, Facebook Inc., Apple Inc. and Amazon.com Inc. might have to start sharing data they’ve collected on Europeans with EU companies. Simply out, companies won’t be allowed to harvest any data if they don’t share it with their rivals.

Last month, Facebook seemed to threaten to pull out of the EU after an investigation revealed that the company’s data collection practices didn’t provide enough protection to users in the EU. The company soon backtracked on leaving Europe, but the issue of data collection is yet to be resolved.

Although the matter today isn’t explicitly a privacy issue, according to documents seen by Reuters, the European Commission is worried about the power of U.S. big tech and

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