Source: Cointelegraph Original: "{title}"

According to The New York Times, considering the revenues from Musk's other companies, including Tesla and SpaceX, EU regulators are contemplating a $1 billion fine against Musk's X.

The New York Times reported on April 3, citing four informed sources, that EU regulators accuse X of violating the Digital Services Act and will calculate the fine based on a part of that act, which considers the revenues of other companies controlled by Musk.

Under the Digital Services Act, which took effect in October 2022, social media companies can face fines of up to 6% of their global revenue. The act aims to regulate social media companies to "prevent illegal and harmful activities online."

A spokesperson for the European Commission, the EU's executive body, declined to comment on the case to The New York Times but stated that they would "continue to enforce our laws fairly, without discrimination against any companies operating in the EU."

X's global government affairs team stated in a statement that if the reports regarding the EU's plans are accurate, it "represents an unprecedented act of political censorship and an attack on free speech."

X's global government affairs team said: "X has gone beyond the EU's Digital Services Act, and we will use every option available to defend our business, protect the safety of our users, and uphold free speech in Europe."

Source: Global Government Affairs

According to The New York Times, in addition to the fine, EU regulators may also require the X platform to make product adjustments, with full details of the related penalties to be announced in the coming months.

However, The New York Times reported that if the social media platform agrees to make changes that satisfy the regulators, a settlement may be reached.

An official interviewed by The New York Times also stated that X is facing a second investigation, accusing the platform of regulating user-generated content in a way that makes it a hub for illegal hate speech and misinformation, which could lead to further penalties.

The EU investigation began in 2023.

The EU's investigation started in 2023. A preliminary ruling in July 2024 found that X violated the Digital Services Act by refusing to provide data to external researchers, failing to offer sufficient transparency to advertisers, and refusing to verify the authenticity of users with verified accounts.

X raised hundreds of points of contention against the ruling, and Musk at the time claimed he had an agreement, stating that EU regulators told him that if he secretly suppressed certain content, X would be exempt from fines.

Former EU Internal Market Commissioner Thierry Breton stated in an article on July 12, 2024, that there was no secret deal, and that X's team had requested "the Commission to explain the settlement process and clarify our concerns," with their response adhering to "established regulatory procedures."

Musk responded that he looks forward to "a very public fight in court to let the people of Europe know the truth."

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