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.
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.