As Musk Plans How to Change Twitter, EU Reminds Him: ‘We Have Rules’

Thierry Breton, European Commissioner for Internal Market speaks during a signature ceremony regarding the Chips Act at EU headquarters in Brussels, Belgium, February 8, 2022. (Reuters)
Thierry Breton, European Commissioner for Internal Market speaks during a signature ceremony regarding the Chips Act at EU headquarters in Brussels, Belgium, February 8, 2022. (Reuters)
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As Musk Plans How to Change Twitter, EU Reminds Him: ‘We Have Rules’

Thierry Breton, European Commissioner for Internal Market speaks during a signature ceremony regarding the Chips Act at EU headquarters in Brussels, Belgium, February 8, 2022. (Reuters)
Thierry Breton, European Commissioner for Internal Market speaks during a signature ceremony regarding the Chips Act at EU headquarters in Brussels, Belgium, February 8, 2022. (Reuters)

The European Union's internal market chief said on Tuesday that Elon Musk could adapt Twitter as he wishes after he acquires the social media site but warned the billionaire that the bloc has strict rules for online platforms to tackle illegal content.

"It will be up to Twitter to adapt themselves ... to our rules," Thierry Breton told Reuters and one other media outlet on the deal sealed on Monday by Tesla's chief executive to buy Twitter for $44 billion.

"I think Elon Musk knows Europe very well. He knows very well that we have some rules for the automotive industry ... and he understands that. So in Europe, in order to protect freedom of speech and to protect individuals, any companies will have to fulfill this obligation."

Musk, the world's richest person, calls himself a free speech absolutist and has criticized Twitter's moderation of a hugely influential platform that is populated by millions of users and global leaders.

The EU has rules under which content forbidden offline is also forbidden online, Breton said.

Under a Digital Services Act (DSA) agreed by the EU's 27 member states and lawmakers last week, Alphabet unit Google, Meta and other large online platforms will risk hefty fines if they do not control illegal content.

Breton said big platforms of more than 45 million users would have to have more moderators than smaller ones, including moderators in every European language, and they would have to open their algorithms to regulators.

Under the DSA, big tech companies face fines up to 6% of their global revenue for violating the rules while repeated breaches could see them banned from doing business in the EU.

The new rules ban advertising aimed at children or based on religion, gender, race and political opinions.

Critics of Musk's takeover of Twitter fear it will mean less moderation and the reinstatement of banned individuals, including former US President Donald Trump.

Breton said he had no intention of interfering in the Trump question because such matters would now be regulated in Europe and company boards would not have a say.

"Remember, the information space does not belong to any private company," he said. "The information space is part of our responsibility as politicians. Like territorial space ... airspace, our digital space is our responsibility to organize."



EIB to Allot 70 Bln Euros for Tech Sector in 2025-2027

FILE PHOTO: The logo of the European Investment Bank is pictured in the city of Luxembourg, Luxembourg, March 25, 2017. Reuters/Eric Vidal/File Photo
FILE PHOTO: The logo of the European Investment Bank is pictured in the city of Luxembourg, Luxembourg, March 25, 2017. Reuters/Eric Vidal/File Photo
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EIB to Allot 70 Bln Euros for Tech Sector in 2025-2027

FILE PHOTO: The logo of the European Investment Bank is pictured in the city of Luxembourg, Luxembourg, March 25, 2017. Reuters/Eric Vidal/File Photo
FILE PHOTO: The logo of the European Investment Bank is pictured in the city of Luxembourg, Luxembourg, March 25, 2017. Reuters/Eric Vidal/File Photo

The European Investment Bank is likely to announce on Friday plans to pump 70 billion euros into the development of European technology firms over the next three years, EU officials said.

The program, called Tech EU, is meant to help Europe compete with China and the United States in the race for innovative clean and digital technologies.

The EIB, the biggest multilateral lender in the world with a balance sheet total of 556 billion euros, expects its own 70 bln euros to mobilize a further 250 billion euros of private cash as investors crowd into projects supported by the EIB, Reuters quoted EU officials as saying.

The 70 billion is to be split into 20 billion euros for equity and quasi-equity, 40 billion euros for loans and 10 billion for guarantees in 2025-2027, the officials said.

The plan is to complement European Commission efforts to support higher risk ventures and innovative companies throughout their investment journey, from proof of concept to an initial public offering.

The EIB wants to focus on supercomputing, artificial intelligence, digital infrastructure, critical raw materials, green industries such as offshore wind, health, security and defense technologies, robotics and advanced materials, the officials said.