Canada Proposes Legislation to Restrict Social Media Access for Users Under 16
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 23 hours ago
0mins
Source: seekingalpha
- Legislative Background: Canadian Prime Minister Mark Carney's government introduced legislation on Wednesday to ban social media access for users under 16, addressing the negative impact of social media on children's mental health, following a similar move by Australia.
- Scope of Impact: The proposed law will affect major social media platforms, including Meta (META) and X (X.AI), while imposing new obligations on AI chatbot providers, although they will not face a ban on youth users.
- Regulatory Mechanism: The new law will establish a digital regulator responsible for enforcing the rules and determining the safety standards social media companies must meet to qualify for an exemption from the under-16 user ban, with the regulator expected to be established about 18 months after the bill becomes law.
- Penalties for Violations: Companies found in violation of the law could face penalties of up to 3% of global revenue or C$10 million, whichever is greater, demonstrating the government's commitment to protecting young users online.
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Analyst Views on META
Wall Street analysts forecast META stock price to rise
44 Analyst Rating
37 Buy
6 Hold
1 Sell
Strong Buy
Current: 570.980
Low
655.15
Averages
824.71
High
1117
Current: 570.980
Low
655.15
Averages
824.71
High
1117
About META
Meta Platforms, Inc. is building human connections, powered by artificial intelligence and immersive technologies. The Company's products enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality (VR) and mixed reality (MR) headsets, augmented reality (AR), and wearables. It also helps people discover and learn about what is going on in the world around them, enabling people to share their experiences, ideas, photos, videos, and other content with audiences ranging from their closest family members and friends to the public at large. The Company's segments include Family of Apps (FoA) and Reality Labs (RL). FoA segment includes Facebook, Instagram, Messenger, WhatsApp and Threads. RL segment includes its virtual, augmented, and mixed reality related consumer hardware, software and content. Its product offerings in VR include its Meta Quest devices, as well as software and content available through the Meta Horizon Store.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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