According to Mars Finance, Musk's social media platform Twitter will be spared from a landmark EU law aimed at curbing technology giants after regulators determined that the platform's impact on the EU market is not large enough. According to people familiar with the matter, the European Commission's investigation into the platform is nearing completion and is ready to conclude that it does not fall under the jurisdiction of the EU's Digital Markets Act (DMA).
Twitter will avoid many of the DMA's rules because its service is not yet strong enough for commercial users and does not meet certain revenue thresholds. They added that the European Commission is likely to announce its findings in October. The DMA lists a series of requirements for companies such as Google Search, Apple's Safari, Amazon and Meta. The move is aimed at preventing tech giants from violating competition laws, with fines of up to 10% of a company's global revenue and up to 20% for repeated violations. (Jinshi)
