Meta, Google, Twitter Could Face $8B Fine In Australia's Fake News Crackdown
Portfolio Pulse from Benzinga Newsbot
Australia plans to combat fake news and misinformation on platforms like Facebook, Google, and Twitter, potentially imposing multi-billion-dollar fines on tech companies that repeatedly fail to remove undesirable content. The Australian Communications and Media Authority (ACMA) may impose fines of up to 2% or 5% of a company's global turnover, which could result in over $8 billion in fines for Meta Platforms Inc., Alphabet Inc, and Twitter.
June 26, 2023 | 1:54 am
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NEGATIVE IMPACT
Alphabet Inc. could face over $8 billion in fines in Australia's fake news crackdown, as ACMA gains power to impose penalties on tech companies failing to combat misinformation.
The potential multi-billion-dollar fines imposed by ACMA could negatively impact Alphabet's financials and reputation, leading to a short-term decline in stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Alphabet Inc. could face over $8 billion in fines in Australia's fake news crackdown, as ACMA gains power to impose penalties on tech companies failing to combat misinformation.
The potential multi-billion-dollar fines imposed by ACMA could negatively impact Alphabet's financials and reputation, leading to a short-term decline in stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Meta Platforms Inc. could face over $8 billion in fines in Australia's fake news crackdown, as ACMA gains power to impose penalties on tech companies failing to combat misinformation.
The potential multi-billion-dollar fines imposed by ACMA could negatively impact Meta's financials and reputation, leading to a short-term decline in stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100