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Alphabet Stock Slumps 0.40% as the Company Appeals $2.9B EU Fine, Wage Gap Revealed

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Alphabet Inc. (GOOGL) stock is down slightly on Tuesday, as the owner of Google has announced that the company will appeal a $2.9 billion fine in the European Union. EU regulators imposed the fines against Google for favoring paid shopping listings in their search results.

The company made an appeal on Monday, which is likely to result in another year-long legal dispute.

The nature of Google's appeal remains private. News of the appeal sent the company's stock down 0.40% on Tuesday.

EU regulators claim that Google abused its power as a dominant search engine to promote. Regulators have attacked several tech companies in recent years. Intel Corp. (INTC) fought off a $1.25 billion fine, extending the decade-long feud the company faced with regulators.

The "win" for Intel has led to several tech companies trying to stave off hefty fines and penalties.

Regulators are now attacking several large tech companies, including Google, Amazon (AMZN) and even Starbucks Corp. (SBUX), calling for the companies to pay back taxes. Apple Inc. (AAPL) faces a $14.5 billion tax payment following the European Commission ruling that the company enjoyed "undue tax benefits."

Google also made the news late last week in another scandal due to the company's wage gap. The company is being accused of workplace discrimination following a spreadsheet revealing the pay gap among women in the company.

Google contests that women earn $0.997 cents per $1 that men make.

The new document shows that some women, in the same position as men in the company, earn as much as $15,000 less per year than their male counterparts. Women in the mid-career stage earn $11,000 less than their male counterparts.

Entry-level tech positions pay women 4% less than men who enter the same position.

Google fired a male employee last month following an internal memo where the male engineer suggested that men are "better suited" for their position in the company than women. Google states that the most recent spreadsheet is misleading and that the wage gap is much smaller.

The company's total employee count has just 31% of women working for the company.

Yelp, the online review company, made a complaint against the search giant on Tuesday, further impacting the company's stock. The review site filed a complaint with the Federal Trade Commission, claiming that Google has failed to meet their end of a 2012 settlement.

Google's settlement with the company requires the company to not take content from Yelp and display it on their search engine. Yelp suggests that Google uses photos from Yelp for their local business listings.


This article was written by Adam Monson for on .

This article published in collaboration with Scutify, the best app for traders and investors. Download the Scutify iOS App, the Scutify Android App or visit Scutify.com.

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