- Florida Gov. Ron DeSantis signed a bill on Monday that prohibits the tech platforms with at least 100 million global monthly users from banning Florida political candidates, the Wall Street Journal reports.
- The social-media companies have refuted allegations regarding political influence over their ban on content and user restriction.
- According to the bill, big social media platforms will not be able to ban or delete the account of a Florida political candidate for over 14 days. It also adds a penalty provision of $250,000 per day for a violation regarding the candidates contesting for state-wide office.
- The bill bans editing or removal of journalistic enterprises based on content. Facebook Inc (NASDAQ: FB) and Twitter Inc (NYSE: TWTR) had restricted sharing an October New York Post article that hurled allegations about President Biden’s son Hunter Biden.
- The bill has sought higher transparency regarding content moderation practices of social-media companies, including user notice period for policy changes. Victims can prosecute and seek monetary damages for unfair content decisions.
- Washington tech allies stated that the bill would perpetrate foreign-extremist, violent, hateful speech and pornography across the internet. They also rebuked Florida officials for digital services run by companies that own big theme parks, like The Walt Disney Co (NYSE: DIS).
- Facebook, Twitter, and Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) YouTube had suspended former President Donald Trump following the U.S. Capitol riot on Jan. 6. Facebook and Twitter have upheld the ban. YouTube was exploring possibilities over the suspension reversal.
- Price action: FB shares traded higher by 0.58% at $326.5, and TWTR shares traded higher by 0.51% at $57.35 in the premarket session on the last check Tuesday.
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