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this post was submitted on 18 Dec 2023
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politics
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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.