EU regulators may fine several Musk-owned companies for Digital Services Act violations

  • 📰 verge
  • ⏱ Reading Time:
  • 20 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 67%

United States News News

United States United States Latest News,United States United States Headlines

Companies can be fined up to 6% of their revenue for violating the EU’s sweeping social media law.

The European Union has reportedly warned X that it could use the revenue of several companies owned by Elon Musk to calculate fines levied against the platform for violating social media laws. European regulators may take the annual revenues of Musk’s other companies — including SpaceX, Neuralink, xAI, and the Boring Company — into account to calculate fines, people familiar with the matter told Bloomberg.

4 billion as of August, amounting to a total markdown of nearly 80 percent since Musk purchased it, according to disclosures from Fidelity’s Blue Chip Growth Fund. DSA obligations apply “irrespective of whether the entity exercising decisive influence over the platform or search engine is a natural or legal person,” Thomas Regnier, a spokesperson for the commission, told Bloomberg.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 94. in US

United States United States Latest News, United States United States Headlines