- cross-posted to:
- world@lemmy.world
- cross-posted to:
- world@lemmy.world
The European Union has formally announced it suspects X, previously known as Twitter, of breaching its rules in areas including countering illegal content and disinformation.
Digital commissioner Thierry Breton set out the alleged infringements in a post on the social media platform.
He said X, which is owned by Elon Musk, was also suspected of breaching its obligations on transparency.
Context:
https://www.businesspost.ie/news/exclusive-the-x-files-how-elon-musks-new-rules-allow-hate-to-flourish/
X is so fucked.
In terms of monetary fines, what’re we talking here? And how long until it legit happens?
I want to live to see him go down in a blaze of lolz, but with how slow the legal system can move I don’t have high hopes.
https://en.wikipedia.org/wiki/Digital_Services_Act says that “Companies that do not comply with the new obligations risk fines of up to 6% on their annual turnover [i.e. revenue before expenses] in the European Union.”
According to https://www.businessofapps.com/data/twitter-statistics/, twitters revenue was $4 billion in 2022. Let’s assume it’s $2 billion now. Also on that page, it shows half the revenue comes from USA, half ‘rest of world’, let’s assume that means EU. So $1bn. 6% of that is $60 million. Per year.
Not exactly a killing blow, I guess. But paying that money has to come out of profits so this makes turning a profit significantly harder.
I love that your responses have sources. You’re awesome.