The stock of Facebook, Inc (NASDAQ:FB) closed at 166.00 gaining 0.95% in yesterday’s trading session. The European Union authorities are gradually increasing pressure on Facebook, Twitter Inc (NYSE:TWTR) and Alphabet Inc (NASDAQ:GOOG).
It is pushing them to amend their user terms after critical evaluation of the proposals that were submitted by the top companies. It had found them insufficient and there was need to coarse them to bring them in line with the EU law.
The consumer protection authorities in the bloc and the European Commission together drafted a letter to the three providers in June. This was in a bid to have them improve their proposed changes. By the end of September, they were expected to have completed making the necessary changes in their respective user terms.
This doesn’t look like a matter to play about with considering that the authorities are versed with the power they need to issue fines. That is in case the providers fail to adhere to government guidelines.
A lot of people that have been following up on the matter closely have been seeking to strike a much better understanding. They had sent out emailed requests. To their frustration, the representatives from both Twitter and Facebook declined to give an immediate response. They imagined the Google spokesman would save the day only for him to turn them down in a similar fashion.
Some news reporters moved out recently seeking out comments from one of the analysts that has been watching the matter closely. While speaking to them, the analyst said, “The authorities’ concerns center mainly on procedures the social media companies proposed to set up for the removal of illegal content on their websites, terms limiting their liability and terms allowing them unilaterally to remove content posted by users.”
The U.S. trio has until July 20 to have submitted their respective proposals. Each of the proposals must be implemented by September as stipulated by the letter.
A source disclosed that two of the providers had already forwarded amended proposals. On the other hand, the third requested to be given more time and did not commit itself to giving time specifications according to Nydailynews.
