Australia plans to double the maximum fine for social media platforms that fail to keep under-16s off their services, raising penalties to A$99 million. The government says children are still bypassing the ban and regulators are investigating Facebook, Instagram, Snapchat, TikTok and YouTube.
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Technology shares fell sharply worldwide as investors questioned whether massive AI spending can support lofty valuations. Chipmakers, Alphabet and newly public SpaceX were among the names hit as the sell-off spread to Asian markets.
The FCC has approved Nexstar Media Group’s $6.2 billion acquisition of Tegna Inc., creating the largest local television station operator in the U.S. despite lawsuits from eight states and DirecTV arguing the merger will harm competition, raise consumer prices, and reduce local journalism diversity. FCC Chairman Brendan Carr defended the decision, citing regulatory waivers and conditions to promote competition and localism, while Nexstar’s CEO emphasized the deal’s importance for sustaining local journalism amid competition from Big Tech. Critics, including Democratic officials and FCC Commissioner Anna M. Gomez, condemned the approval for lacking transparency and warned it could create a broadcast monopoly, with legal challenges ongoing in federal court.
TikTok CEO Shou Zi Chew will appear before the House Energy and Commerce Committee in March to answer questions about the platform's consumer privacy and data security practices, its impact on young users, and its relationship with the Chinese Communist Party. The committee is concerned about the safety of Americans and their data, and is looking to hold Big Tech accountable. The hearing will be chaired by Washington Republican Rep. Cathy McMorris Rodgers, and will include testimony from Chew, as well as Senators Mark Warner and Marco Rubio.
The U.S. Justice Department has filed its second antitrust lawsuit against Google in two years, accusing the tech giant of using its dominance in the online advertising market to stifle competition. The lawsuit, which is backed by 8 states, seeks to make Google divest parts of its business. It is the latest sign that the U.S. government is taking a hard stance against tech giants, and the first blockbuster antitrust case against a Big Tech company under the Biden administration.