It was learned that Australia's Labor government unveiled legislation that could fine internet platforms up to 5% of their global revenue for enabling misinformation, joining a worldwide push to rein in borderless tech giants.
Billionaire businessman, Elon Musk has criticized the Australian Government for proposing to impose fines on social media platforms, including his X (formerly known as Twitter).
It was learned that Australia's Labor government unveiled legislation that could fine internet platforms up to 5% of their global revenue for enabling misinformation, joining a worldwide push to rein in borderless tech giants.
The enactment if passed in Australia would require tech platforms and social media platforms to set up strict regulations to stop the spreading of misinformation.
The proposed law would mandate regulators to set their standards if a platform failed to do so and fine firms for non-compliance.
Reacting to this move in a tweet he made on Friday, Elon, owner of social media platform X, called Australia's centre-left government "fascists".
A spokesperson for Communications Minister Michelle Rowland said by email that companies operating in Australia must comply with Australian laws.
"This bill improves the transparency and accountability of platforms for users and the Australian people," Rowland said.
Musk's comment on the push against misinformation drew criticism and ridicule from other government lawmakers.
"Elon Musk's had more positions on free speech than the Kama Sutra. When it's in its commercial interests, he is the champion of free speech and when he doesn't like it ... he's going to shut it all down," Government Services Minister Bill Shorten told Channel Nine's breakfast show.
Social media platforms should not publish scam content, deepfake materials and livestream violence in the name of free speech, Assistant Treasurer Stephen Jones told ABC television.
In a previous clash with the Australian government, X in April went to court to challenge a cyber regulator's order for the removal of some posts about the stabbing of a bishop in Sydney, prompting Prime Minister Anthony Albanese to call Musk an "arrogant billionaire".
Fascists https://t.co/NQcR9justJ
— Elon Musk (@elonmusk) September 12, 2024