That's a nasty one. Elon has not called me to ask for help on that one. That's a tough thing.>> I don't think it's right. >> The commission has issued a fine of 120 million euro to X for breaching the Digital Services Act. This is the first ever fine under the DSA. X has indeed breached its transparency obligation under the DSA.This includes X's blue check mark. It deceives users. Anyone can pay to obtain the verified status.and X does not meaningfully verify who is behind it. It also includes X advertising ...

Three, two, one. >> Welcome back to Squawkbox. This morning, Elon Musk calling for the European Union to be abolished.This after the block fined his social media company X $140 million. That followed Friday's decision by the European Commission to hit X with the fine after a two-year investigation into the company under the EU's Digital Services Act. Now, last week, the European Commission had said that infractions by X, which included what it called the deceptive design of X's blue check mark for verificat ...

RT PeterSweden (@PeterSweden7)The EU has just decided to give X a €120 MILLION fine under the Digital Services Act.The EU has also given Hungary a €200 MILLION fine plus €1 million every day for refusing to open their borders. ...

RT Tesla Owners Silicon Valley (@teslaownersSV)BREAKING: The EU just hit X with a massive €120 million fine for violating the Digital Services Act.They claim it’s about “transparency” and “researcher data access,” but let’s call it what it is: a direct attack on free speech. https://t.co/gqFCbwApce ...

BREAKING: The EU just hit X with a massive €120 million fine for violating the Digital Services Act.They claim it’s about “transparency” and “researcher data access,” but let’s call it what it is: a direct attack on free speech. https://t.co/gqFCbwApce ...

Core Viewpoint - Meta has been ordered to pay 479 million euros (approximately $552 million) due to violations of the EU's General Data Protection Regulation (GDPR) and Spain's antitrust law [1][3]. Group 1: Legal Findings - A Spanish court ruled that Meta used personal data for behavioral advertising on Facebook and Instagram without proper user consent from May 2018 to August 2023 [2][3]. - The court determined that Meta's justification for behavioral advertising based on "necessity for the performance of a contract" was inadequate [4]. - All profits earned by Meta from advertising during the specified five-year period were deemed to be in breach of data protection regulations [4]. Group 2: Compensation and Impact - The compensation ordered by the court will be distributed to 87 digital media agencies, as Meta was found to have gained a "significant competitive advantage" in Spain's online advertising market [3]. - Media organizations argue that platforms like Facebook benefit disproportionately from sharing their content without compensation [5]. Group 3: Ongoing Regulatory Challenges - Meta is also facing accusations from the European Commission for failing to comply with the EU's Digital Services Act, which mandates transparency and accountability from large online platforms [5][6]. - The Commission highlighted that Meta's platforms did not provide user-friendly mechanisms for reporting illegal content and made it difficult for independent researchers to access public data [6].

Core Points - The European Union has charged Meta Platforms Inc. for allegedly failing to properly handle illegal content on Facebook and Instagram, marking the bloc's first such accusation against a major social media company [1] Group 1 - The charge indicates a significant regulatory scrutiny on Meta Platforms Inc. regarding its content moderation practices [1] - This action reflects the EU's ongoing efforts to enforce stricter regulations on social media platforms to ensure compliance with legal standards [1] - The case could set a precedent for future regulatory actions against other social media companies operating within the EU [1]

Core Insights - The European Commission has preliminarily found that both TikTok, owned by ByteDance, and Meta have violated transparency requirements under the Digital Services Act (DSA) [2] Group 1: Regulatory Findings - The Commission's preliminary findings indicate that both platforms are in breach of their obligations regarding transparency [2]

Currency Market - The GBP/USD currency pair has declined by 0.2%, trading at 1.3274, influenced by a stronger U.S. dollar and concerns regarding the UK economic outlook [3][8]. Technology Sector - The EU Commission is formally scrutinizing major tech platforms, including Snapchat, YouTube, Apple App Store, and Google Play, under the Digital Services Act (DSA) for their safeguards for minors [4][8]. Monetary Policy - The People's Bank of China (PBOC) did not engage in any government bond trading throughout September, indicating a specific stance on monetary policy and market liquidity management [5][8].

Core Viewpoint - The European Union is demanding major tech companies, including Apple, Google, Snapchat, and YouTube, to explain their measures for protecting children online, emphasizing the need for enhanced privacy, security, and safety [2][4]. Group 1: EU Actions and Regulations - The European Commission has initiated requests for information under the Digital Services Act (DSA) to assess the practices of Apple, Google, Snapchat, and YouTube regarding the protection of minors online [2][3]. - The EU is also investigating Meta's Facebook and Instagram, as well as TikTok, due to concerns about their platforms' addictive nature for children [4]. - Denmark, holding the rotating EU presidency, is advocating for collective action to safeguard minors, including a proposed ban on social media for children under 15 [5]. Group 2: Future Considerations - EU ministers are set to discuss age verification on social media and potential measures to enhance online safety for minors [6]. - A joint statement is expected to support EU chief Ursula von der Leyen's initiative to explore a potential EU-wide digital majority age, with plans to establish a panel of experts for further assessment [8].