Twitter Inc (NYSE:TWTR) is facing renewed scrutiny over potential changes to its content moderation policies, which are thought to have been watered down since Elon Musk’s US$44bn takeover.
The company could face fines worth 6% of its annual revenue if it fails to comply with new regulations aimed at curbing hate speech, misinformation and other harmful content by September.
European Union internal market commissioner Thierry Breton spoke to Musk via a video call this week over the social media platform's readiness for Europe's new Digital Services Act that comes into effect later this year.
Breton warned two months ago that Twitter had “huge work ahead” if it was to meet requirements laid out under the new EU rules.
He tweeted to say the meeting with Musk had been “constructive,” adding the next few months would be “crucial” for Twitter to meet its regulatory commitments.
I take note of the path that Twitter is committed to take in Europe to comply with #DSA rules.
Next few months will be crucial to transform commitments into reality.
Constructive exchange with @elonmusk. https://t.co/oeqMfOUf6S pic.twitter.com/NSDpDyd2ug
— Thierry Breton (@ThierryBreton) January 31, 2023
Musk responded that the DSA’s “goals of transparency, accountability & accuracy of information are aligned with ours”.
Twitter’s trust and safety team were disbanded in December under the new regime, as part of cuts that has seen the social media’s headcount reduced from 8,000 in October, to around 2,300 now, and which are said to have led to a large-scale exodus of advertisers.
As a result, the platform has taken a more laissez-faire attitude against tweets which spread misinformation about Covid-19, alongside lifting bans on Kanye West and Donald Trump from the site despite incidences of hate speech.
West was subsequently banned again, after posting an anti-semitic tweet in early December.
Advertisers have fled Twitter en masse as a result of Musk’s controversial leadership, with some 500 companies leaving, causing a reported 40% loss of daily revenue for the platform.