European Union regulators are preparing major penalties against X, including a fine that could exceed $1 billion, according to a New York Times report yesterday.
The European Commission determined last year that Elon Musk’s social network violated the Digital Services Act. Regulators are now in the process of determining what punishment to impose.
“The penalties are set to include a fine and demands for product changes,” the NYT report said, attributing the information to “four people with knowledge of the plans.” The penalty is expected to be issued this summer and would be the first one under the new EU law.
“European authorities have been weighing how large a fine to issue X as they consider the risks of further antagonizing [President] Trump amid wider trans-Atlantic disputes over trade, tariffs and the war in Ukraine,” the NYT report said. “The fine could surpass $1 billion, one person said, as regulators seek to make an example of X to deter other companies from violating the law, the Digital Services Act.”
This. Fines should be percentage of wealth. Otherwise they’re just a sticker price on breaking the law.
But $60B is more than Musk bought Twitter for, and there’s no way it increased enough that $60B would be a reasonable percentage of income in any capacity.
I fully acknowledge your point and don’t disagree. On the other hand, who ever said we have to treat Nazis reasonably?
Democracy and the rule of law. If you pick and choose groups to treat differently, that’s authoritarianism. Don’t fight authoritarianism with authoritarianism.
Nice idea but the state wouldn’t be able to know how much one owns. I am poor, but I have more hidden wealth than declared wealth