this post was submitted on 11 Oct 2023
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"Thierry Breton, the European commissioner for the internal market, said in a letter addressed to Musk on Tuesday that his office has “indications” that groups are spreading misinformation and “violent and terrorist” content on X, and urged the billionaire to respond within a 24-hour period."
Sounds like it's just a strongly worded letter.
A bit below that it says that they're also threatening fines of 6% of annual revenue.
Are they gonna give Twitter more money then? /s
You're thinking of profit, not revenue
Are we sure ~~Twitter~~ 𝕏's revenue is still in the positive? I don't think direct injections of capital count as revenue.
Revenue is money in before costs, so yes their revenue is still positive given they are actually charging some people positive amounts. Their earnings are quite likely negative.
$2bn in 2022 for non-US. https://www.businessofapps.com/data/twitter-statistics/
Assume 80% of that is Europe, and a 25% drop in revenue since X, is $1.2bn, then 6% is $72m. This would likely be a daily fine of about $197K per day USD, minus shifty billionaire revenue reporting.
EU revenue fines are generally calculated by global revenue cause companies always try to shift the money to other countries.
What's the basis for assuming a 25%? Instead of, let's say, a 90%?
Hadn't read the actual letter. It would be interesting to know what the specific request they have is.
Ah so that's why he's tanking it
You have to have revenue in order to be fined 6% of it.
6% of zero is zero.
Am I missing something? I said revenue not profit. Or is the joke that Twitter isn't making any money anymore?
I think it hardly ever was profitable and even revenue should be quite dropping since it became X
6% of their revenue is probably still billions of dollars. Might even amount to the biggest fine ever.
$2bn in 2022 for non-US. https://www.businessofapps.com/data/twitter-statistics/
Assume 80% of that is Europe, and a 25% drop in revenue since X, is $1.2bn, then 6% is $72m. This would likely be a daily fine of about $197K per day USD, minus shifty billionaire revenue reporting.
Wow, that's MUCH less revenue than you'd expect from a worldwide behemoth like the shithole formerly known as Twitter!
And there you have the reason they sued to force Musk to stick to his word of buying it rather than let him off the hook and look for someone else dumb enough to pay that much for it.
I sometimes feel like the only person that remembers that DSA exists. It went into effect in August.
https://en.m.wikipedia.org/wiki/Digital_Services_Act
Doesn't that only come into effect at the beginning of 2024?
If I understand correctly it's a gradual rollout.