Elon Musk has until the end of Wednesday to respond to demands from Brussels to remove graphic images and disinformation linked to the violence in Israel from his social network X — or face the full force of Europe's new social media rules.
Thierry Breton, the European Union commissioner who oversees the bloc's Digital Services Act (DSA) rules, wrote to the owner of X, formerly Twitter, to warn Musk of his obligations under the bloc's content rules.
If Musk fails to comply, the EU's rules state X could face fines of up to 6 percent of its revenue for potential wrongdoing. Under the regulations, social media companies are obliged to remove all forms of hate speech, incitement to violence and other gruesome images or propaganda that promote terrorist organizations.
Since Hamas launched its violent attacks on Israel on October 7, X has been flooded with images, videos and hashtags depicting — in graphic detail — how hundreds of Israelis have been murdered or kidnapped. Under X's own policies, such material should also be removed immediately.
If that is Net Revenue, I have some bad news for the EU. 🤣🤣🤣
I think you're thinking of profits, which is revenue minus costs.
EU fines are a percentage of global revenue, which means all the money you make in any way, anywhere in the world, before subtracting any bullshit.
Which was $4.4 billion in 2022 and is estimated to be roughly $3 billion for 2023, so the maximum fine would be 180-264 million depending on which figure is used.
For comparison, the net loss (not profit) for 2022 for twitter was 270 million.
Per occasion, and the Commission can also create a moderation enforcement team specifically for Twitter, basically forcing Twitter to have moderation, and put the cost of said moderation on Twitter, as charges separate to the fine.
deleted by creator
Think your stats are off? You can see a post in my history with more EU focused math. If yours is better let me know and I'll update ;)
Oh shit, that’s awesome!!
Isn't EU fines turnover, which is revenue plus cost?
The "brilliance" of Elon's plan: he is impervious to EU fines because he doesn't make any money.
He makes a lot ofmoney - he just loses more.
If that is gross revenue, I have bad news for the EU. "X" is, IIRC, operating in the red since Musk bought it.
It's revenue, not profit. "X, formerly Twitter" still gets paid by advertisers, even if the amount is much lower than it used to be.
Ah. Alright, fair enough, thanks for correcting my mistake.