Watching Shares Of Social Media Companies, NY Governor Kathy Hochul Post On X, 'New York is taking a stand against the toxic algorithms social media companies push on young people. Join me live as I sign our first-in-the-nation legislation to combat addictive feeds and keep our kids safe"
Portfolio Pulse from Benzinga Newsdesk
New York Governor Kathy Hochul announced the signing of a groundbreaking legislation aimed at combating addictive algorithms used by social media companies to protect young people. This move could impact companies like Meta (META), Pinterest (PINS), and Snap (SNAP).
June 20, 2024 | 6:10 pm
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NEGATIVE IMPACT
Meta may face regulatory challenges due to new legislation in New York aimed at combating addictive social media algorithms.
The new legislation targets the core algorithms that drive user engagement on platforms like Facebook and Instagram, potentially leading to increased regulatory scrutiny and operational changes.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Pinterest may be impacted by New York's new legislation targeting addictive social media algorithms, potentially affecting user engagement strategies.
Pinterest's user engagement strategies could be affected by the new legislation, requiring adjustments to comply with regulatory standards.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 100
NEGATIVE IMPACT
Snap Inc. could face regulatory impacts from New York's new legislation aimed at addictive social media algorithms, affecting its platform's user engagement.
Snap Inc. will likely need to adjust its platform's algorithms to comply with the new legislation, potentially impacting user engagement and growth.
CONFIDENCE 88
IMPORTANCE 75
RELEVANCE 100