Elon Musk’s Withdrawal of X from EU: Crypto Market Impact?

Elon Musk Dogecoin

A tech billionaire is thinking about denying the European audience access to the largest crypto blogging platform, X, due to a local regulation concern.

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Tech innovator and billionaire Elon Musk, who acquired Twitter for $44 billion and transformed it into X, is thinking about restricting European users’ access to the platform, as reported by Business Insider.

Mark Zuckerberg and Meta have done something similar with their product, Threads, which is often seen as a Twitter rival. They’ve taken this step in response to the Digital Services Act (DSA), a local regulation they can’t comply with.

Musk Contemplates Pulling X Out of Europe

The X platform is facing potential challenges in Europe due to the implementation of strict content moderation rules. These regulations require platforms like X to remove false, misleading, or harmful information. The X app has recently been dealing with misinformation related to the Middle East, potentially violating the new European rules.

The European Commission has officially launched an investigation into the X app’s compliance with these regulations and has requested detailed information to ensure the platform maintains a clean environment. If violations are found, Elon Musk’s company, X app, could face a hefty fine of up to 6% of its global revenue.

It’s worth noting that when Elon Musk acquired the app last October, he considered limiting its use to the United States to reduce costs. This move would have significantly restricted access to the popular social media platform. To cut expenses, Musk also let go of several thousand international staff members and closed down international Twitter offices in various locations, including Africa, South Korea, Australia, Paris, Berlin, and Madrid.

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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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