RDDT

Australia's Regulatory Action: Meta has begun deactivating accounts of Australian users under 16 on Instagram, Facebook, and Threads, marking a significant step in regulating Big Tech, as noted by eSafety Commissioner Julie Inman Grant.

Global Implications: Inman Grant described Australia's actions as "the first domino" in a worldwide effort to impose stricter regulations on social media platforms, with other countries like Malaysia also planning to raise the minimum age for social media accounts.

Account Lockouts and Exemptions: Starting December 10, 2023, platforms like YouTube will automatically log out users under 16, while certain platforms such as Discord and Roblox are exempt from the age restrictions.

Industry Pushback: Inman Grant highlighted the aggressive lobbying by social media companies against the ban, including appeals to the U.S. government, while noting the irony of external influence on free speech discussions.

Opendoor's Business Model: Opendoor is an online platform that enables homeowners to sell their properties quickly, bypassing traditional processes, and aims to resell homes for profit.

Stock Performance and Meme Stock Status: The stock experienced a significant surge due to high short interest and retail investor interest, but the excitement around meme stocks has diminished, leading to a belief that Opendoor's peak may have passed.

Management Changes and Future Strategy: New CEO Kaz Nejatian has introduced a strategic plan focused on scaling home acquisitions and improving operational efficiency, but the company is still facing financial challenges.

Analyst Recommendations: Opendoor Technologies was not included in the Motley Fool's latest list of top stock recommendations, suggesting that investors may want to consider other options for better returns.

YouTube's Compliance with New Law: YouTube will automatically log out users under 16 in Australia starting December 10, in compliance with the Social Media Minimum Age Act, despite the company's opposition to the regulation.

Concerns Over User Safety: Google and YouTube Australia's senior public policy manager expressed disappointment, stating that the law could make young Australians less safe online by removing protections associated with signed-in accounts.

Exemptions from the Ban: Certain platforms, including YouTube Kids and WhatsApp, are exempt from the age restrictions imposed by the new law, which requires social media platforms to take steps to prevent under-16s from having accounts.

International Trends in Social Media Regulation: Following Australia's lead, Malaysia is also raising the minimum age for social media accounts to 16, implementing identity verification measures as part of its Online Safety Act effective January 1, 2026.