Australian PM Slams Meta As Arrogant And Irresponsible, Urges Payment To News Outlets: 'They Should Fulfill The Commitments That They Had Previously Given'
Portfolio Pulse from Ananya Gairola
Australian Prime Minister Anthony Albanese criticized Meta Platforms Inc. (NASDAQ:META) for not fulfilling its commitments to pay local media organizations for their content. The PM emphasized the social responsibility of tech giants to keep news on their platforms and urged Meta to honor its previous commitments. This comes amid an ongoing dispute between Australia and Meta over the news media bargaining code, which could result in fines for Meta if it fails to engage in payment discussions.
June 29, 2024 | 7:26 am
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Meta Platforms Inc. is under scrutiny by the Australian government for not fulfilling its commitments to pay local media organizations for their content. The company faces potential fines if it does not comply with the news media bargaining code.
The Australian PM's criticism and the potential fines under the news media bargaining code could negatively impact Meta's stock in the short term. The company's decision to stop compensating news publishers in Australia, France, and Germany adds to the negative sentiment.
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