Big Tech Lobby Groups Challenge Florida's New Tech Law: Reuters

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  • Internet lobbying groups NetChoice and Computer & Communications Industry Association (CCIA), including members like Facebook Inc FBTwitter Inc TWTR, and Alphabet Inc’s GOOGL Google filed a lawsuit against Florida’s new law that barred the big social media companies from banning political candidates, Reuters reports.
  • The groups justified the First Amendment’s protection of social media platforms’ hosting and content moderation rights based on their business models.
  • The new law will make it easier to prosecute tech companies.
  • Interestingly, it also exempted companies that owned and operated theme parks or entertainment venues of over 25 acres, like The Walt Disney Co’s DIS.
  • Price action: FB shares traded lower by 0.53% at $330.97, TWTR shares traded higher by 0.40% at $58.31, and GOOG shares traded higher by 0.59% at $2,416.88 on the last check Friday.
Posted In: GovernmentNewsRegulationsLegalTechMediaBriefsReuters
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