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As per the most recent report of the New York Times, the European Union is gearing up to impose a fine of $1 billion on X, the social media giant platform owned by centi billionaire Elon Musk.
X is accused of violating the Digital Service Act, and now the fine to be imposed will be calculated using a section of the same act. The fine will also include revenue from other Musk companies, like Tesla and SpaceX.
The act, imposed in October 2022, suggests that the company should not get involved in illegal and harmful online activities. If found, the company will be hit with a fine of 6% of its total global revenue.
Laws to be imposed fairly for all operating in the EU, said an official
According to the approach of the New York Times, an unnamed official said the laws are the same for everybody and will be imposed equally on each company leading operating in Europe.
After the news got in the spotlight, the Global Government Affairs team of X ( formerly Twitter) said, “represents an unprecedented act of political censorship and an attack on free speech.”
The X post dated April 04, 2025, also notes, “ X has gone above and beyond to comply with the EU’s Digital Services Act, and we will use every option at our disposal to defend our business, keep our users safe, and protect freedom of speech in Europe.”
The report by the Times further notes that there are also expectations of change in product till the regulators are satisfied. This is the second time X will be facing investigation as it has remained on the watchlist of regulators over misinformation and illegal hate speech.
The preliminary ruling of July 2024 found that X had violated the Digital Service Act, but responding to the same, Musk noted he received the deal of fine dismissal of his company X could take down certain content.
Is the usage of X in crypto growing constantly?
A few available reports say that usage of social media platforms has surged to a new height in the past few years, and leveraging X ( formerly Twitter) is on peak with Telegram and Instagram also holding a greater position.
A survey by a known firm notes that around 79% of daily consumed news in the crypto market is dispersed by social media websites and other forms of aggregators, accounting for a smaller percentage.
From this 79%, around 34.4% uses X to get updates of the market, followed by 23.4% gaining news from YouTube and roughly 17% from Telegram.
However, usage of Telegram for illegal crypto activities has reached a peak, facing hundreds of allegations of misconduct. Usage of Discord, Reddit, and Forecaster also saw a slight increase in the past few years.
