Apple Temporarily Stops Taking 30% Cut of Facebook Paid Events

Facebook  (FB) – Get Report secured a reprieve today in its ongoing spat with Apple  (AAPL) – Get Report over the latter company’s platform fees. 

Apple said on Friday that it will temporarily waive its 30% commission on Facebook paid events, a feature Facebook introduced in August allowing small businesses to set up paid virtual events. 

Apple’s stock closed 3.6% higher on Friday at $112.12, while Facebook’s rose 2.1% to $254.79.

Apple won’t take a cut of the paid events until the end of the year, the company confirmed to press outlets today. The reprieve doesn’t include gaming companies, whose revenues haven’t been hurt by the pandemic, but applies to businesses that were forced to hold events online due to stay-home orders. 

The temporary fee waiver is an unusual move for Apple, and the latest development in an ongoing battle between Facebook and Apple. 

When Facebook announced the paid events feature, it said that it would not take any cut of the payment until August 2021, instead allowing businesses hurt by COVID-19 to keep all their earnings. In a statement at the time, Facebook needled Apple over its 30% cut, saying that it asked Apple to waive the commission but they refused. 

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