Facebook, Google Risk Fines Up to 6% Revenue Under New EU Rules
- EU to publish sweeping tech policy proposals on Dec. 15
- New rules to give platforms more responsibility for user posts
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Social media and other tech platforms could face fines as high as 6% of global revenue if they don’t comply with orders to remove terror propaganda or other illegal posts, according to a draft of European Union regulations seen by Bloomberg.
The plans by the EU come as regulators around the world crack down on powerful tech giants in an effort to restore competition to their markets. On Wednesday, Facebook Inc. was sued by U.S. antitrust officials and a coalition of states that want to unwind its acquisitions of Instagram and WhatsApp, alleging the deals were designed to illegally squash competition.