Elon Musk's platform X faces over $1 billion fine from EU regulators - NYT [View all]
Source: Investing.com
European Union regulators are contemplating imposing a fine exceeding $1 billion on X, the social media platform owned by Elon Musk, as they assess the potential repercussions of further upsetting Mr. Musk and President Trump. This information comes from the New York Times (NYSE:NYT), citing four individuals who are privy to the regulators’ plans but have chosen to remain anonymous due to the ongoing nature of the investigation.
These penalties, which are likely to escalate tensions between the EU and the United States, are being prepared because X allegedly violated a crucial law designed to combat illicit content and disinformation. The law in question, known as the Digital Services Act, is intended to compel social media companies to monitor their platforms more closely.
The penalties are anticipated to be announced this summer and will include not only a hefty fine but also demands for changes to the product. In deciding the fine’s amount, European authorities are considering the potential backlash from Mr. Trump, given the current broader conflicts between the EU and the US regarding trade, tariffs, and the ongoing conflict in Ukraine.
One source suggested that the fine could surpass $1 billion as EU regulators aim to use X as an example to deter other companies from violating the Digital Services Act.
Read more: https://www.investing.com/news/stock-market-news/elon-musks-platform-x-faces-over-1-billion-fine-from-eu-regulators--nyt-93CH-3966645
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