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European regulators are charging Elon Musk’s X, accusing it of breaching the Digital Services Act by misleading users.
Transcript:
CONWAY GITTENS: Here’s what we’re watching on TheStreet today.
Wall Street begins the new week with the Dow and the S&P 500 flirting with fresh record highs as second-quarter earnings season continues. Big banks will remain in focus. Goldman Sachs may have set the tone with better-than-expected results. Also thrown in the mix this week, a speech from Federal Reserve Chairman Jerome Powell and the latest reading on retail sales.
In other business headlines. Elon musk is in trouble with EU regulators. X is being accused of breaching the landmark Digital Services Act with numerous violations, including the misleading of users.
The EU is taking particular issue with X’s blue check verified user status, which the EU claims isn’t very verified, and as such, is deceptive. In preliminary findings the European Commission says “since anyone can subscribe to obtain such a verified status, it negatively affects users’ ability to make free and informed decisions about the authenticity of the accounts and the content they interact with.” The EU also claims “there is evidence of motivated malicious actors abusing the verified account to deceive users.”
That’s not the only complaint, the EU says X’s advertising practices are sketchy and questions whether X, under Elon Musk, is doing enough when it comes to rooting out misinformation.
Musk responded by calling the DSA “misinformation.”
If found guilty, X could be fined up to 6 percent of its global income.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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