X accused of deception by EU regulators

The Street

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why X is being accused of deceiving EU regulators.

Transcript

00:00I'm Conway Gittins reporting from the New York Stock Exchange.

00:02Here's what we're watching on the street today.

00:04Wall Street begins the new week with the Dow and the S&P 500 flirting with fresh record

00:09highs as second quarter earnings season continues.

00:12Big banks will remain in focus.

00:13Goldman Sachs may have set the tone with better than expected results.

00:18Also thrown in the mix this week, a speech from Federal Reserve Chairman Jerome Powell

00:21and the latest reading on retail sales.

00:25In other business headlines, Elon Musk is in trouble with EU regulators.

00:29X is being accused of breaching the landmark Digital Services Act with numerous violations,

00:34including the misleading of users.

00:37The EU is taking particular issue with X's blue check verified user status, which the

00:42EU claims isn't very verified and as such is deceptive.

00:47In preliminary findings, the European Commission says, quote, since anyone can subscribe to

00:52obtain such a verified status, it negatively affects users' ability to make free and informed

00:58decisions about the authenticity of the accounts and the content they interact with.

01:04The EU also claims, quote, there is evidence of motivated malicious actors abusing the

01:08verified account to deceive users.

01:12That's not the only complaint.

01:13The EU says X's advertising practices are sketchy and questions whether X under Elon

01:18Musk is doing enough when it comes to rooting out misinformation.

01:22Musk responded by calling the DSA, quote, misinformation.

01:26If found guilty, X could be fined up to six percent of its global income.

01:31That'll do it for your daily briefing from the New York Stock Exchange.

01:33I'm Conway Gittins with The Street.

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