New Zealand's Social Media Ban Proposal Sparks Regulatory Risks for Tech Giants

New Zealand's Prime Minister Christopher Luxon has proposed introducing social media bans for users under 16, sparking concerns about regulatory risks for Meta Platforms Inc. (META) and Alphabet Inc.

The suggested fines could be a significant burden for the companies, with noncompliant platforms facing fines of up to 10% of their global revenue, according to Reuters.

This move is not an isolated incident, as Australia has already banned under-16s from social media and other countries may follow suit in response to growing concerns about kid safety and online addiction.