Meta Platforms Inc. (NASDAQ: META), which owns Facebook, Twitter Inc. (NYSE: TWTR), and some other major social media companies, agreed to follow more stringent European Union (EU) standards to tackle fake news. Shares of both Meta and Twitter plunged 5.2% and 1.6% during yesterday’s trading session to close at $160.87 and $37.40, respectively. Details of the New Rules Under the new EU’s code of practice on disinformation, social media platforms such as Facebook and Twitter are expected to take steps to stop advertising from appearing alongside false or misleading information. Furthermore, platforms are expected by the EU to provide more tools to users to identify such fake content.
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