👀 Copy Legendary Investors' Portfolios in One ClickCopy For Free

Exclusive-Musk's X to dodge requirements of landmark EU tech rules, sources say

Published 10/10/2024, 07:14 AM
Updated 10/10/2024, 03:49 PM
© Reuters. FILE PHOTO: X logo, EU flag and Judge gavel are seen in this illustration taken, August 6, 2024. REUTERS/Dado Ruvic/Illustration/File Photo

By Foo Yun Chee

BRUSSELS (Reuters) -Elon Musk's X will not be designated as a gatekeeper under landmark EU tech rules known as the Digital Markets Act which would have subjected it to an onerous list of obligations, people with direct knowledge of the matter said on Thursday.

The European Commission, which opened an investigation into online social media platform X in May, will announce its decision next week, the people said.

The EU competition enforcer declined to comment.

X, formerly known as Twitter, had previously told the Commission that even though it met the criterion regarding the number of users to be classified as a gatekeeper, it does not qualify for the other criterion as an important gateway between businesses and consumers.

Its response prompted the Commission's investigation in May to look further into the issue.

© Reuters. FILE PHOTO: X logo, EU flag and Judge gavel are seen in this illustration taken, August 6, 2024. REUTERS/Dado Ruvic/Illustration/File Photo

Alphabet (NASDAQ:GOOGL), Amazon (NASDAQ:AMZN), Apple (NASDAQ:AAPL), Meta (NASDAQ:META), Microsoft (NASDAQ:MSFT), TikTok owner ByteDance and Booking (NASDAQ:BKNG).com have been designated as gatekeepers, among others.

The DMA requires gatekeepers to make their messaging apps interact with rivals, let users decide which apps to pre-install on their devices and are not allowed to favour their own services over rivals or risk fines as much as 10% of their annual global turnover.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.