Meta slapped with EU investigation into child safety protocol

#meta #eu #childsafety #yahoofinance
Meta (META) is under pressure after the European Union announced a formal investigation into its Facebook and Instagram platforms, citing child safety concerns. Yahoo Finance's Alexis Keenan reports more on the story and what it could mean for the tech giant's future. The EU's Digital Services Act, which establishes online content guidelines for children, was enacted last year. The act is fueling the Meta probe, where investigators will zero in on three concerns: the first concern is whether the platforms' algorithms may stimulate behavioral addictions in children. The second concern involves Meta's age verification processes. Finally, the investigation will determine whether the company is compliant in submitting its plans to mitigate child safety issues across its platforms. Meta told Yahoo Finance, "We want young people to have safe, age-appropriate experiences online and have spent a decade developing more than 50 tools and policies designed to protect them. This is a challenge the whole industry is facing, and we look forward to sharing details of our work with the European Commission." The fines for violations are hefty, running up to 6% of annual revenues for the company. In 2023, Meta had approximately $135 billion in revenue, so a potential fine could run the company about $8 billion. For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Melanie Riehl
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