After Elon Musk clinched a $44 billion deal with Twitter, Inc. (NYSE:TWTR) — the European Union's internal market chief warned that the union has strict rules for online platforms to tackle illegal content.
What Happened: Thierry Breton, European Commissioner for Internal Market, told Reuters that "it will be up to Twitter to adapt themselves ... to our rules."
"I think Elon Musk knows Europe very well. He knows very well that we have some rules for the automotive industry ... and he understands that. So in Europe, in order to protect freedom of speech and to protect individuals, any companies will have to fulfill this obligation," Breton reportedly said.
This came after an Indian government minister recently hinted that the country's goals and expectations of accountability, safety, and trust remain unchanged.
Last week, European Union countries and lawmakers agreed upon a stringent regulation to curtail illegal content on online platforms. Under the new regulations, platforms like Alphabet Inc's (NASDAQ:GOOGL) Google, Meta Platforms Inc's (NASDAQ:FB) Facebook, and Twitter would have to initiate strategies to more effectively tackle illegal content.
Price Action: According to data from Benzinga Pro, Twitter shares closed 3.89% lower at $49.68 a share.
Read Next: Here's How Much Elon Musk Will Have To Shell Out If He Changes His Mind On Buying Twitter
Photo: Courtesy of The European Parliament via Flickr
