Today's Top 5 Overvalued Stocks

By taking advantage of timing, you can position yourself for a massive windfall or avoid potential losses. Today we look at the top 5 overvalued stocks that analysts expect to drop in price.

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Australia Calls For Inquiry Into Meta's Facebook, Elon Musk's X, TikTok To 'Make These Platforms Accountable For Their Decisions'

Benzinga Neuro
May 09, 2024

In a move to address the unchecked influence of social media platforms, the Australian government has announced a parliamentary inquiry into the operations of major players like Meta Platforms Inc.‘s (NASDAQ:META) Facebook, ByteDance‘s TikTok, and X, owned by Elon Musk.

What Happened: The Australian government has expressed concerns over the lack of regulation and oversight on social media platforms, which have a significant impact on the content viewed by Australians. The inquiry will specifically focus on the platforms’ handling of violent content and their withdrawal from paying for news in Australia, Reuters reported.

“Across a range of issues, whether it be the issue of domestic violence, whether it be the radicalization of our young people, across a range of areas, something that keeps popping up over and over again is the role of social media,” Australian Prime Minister Anthony Albanese said.  

The government is also embroiled in a legal battle with X over the platform’s refusal to take down videos of a recent stabbing attack in Sydney.

X stated that it has restricted the posts for Australian users. However, Australia’s e-Safety Commissioner has advocated for the removal of the content for all users due to its depiction of explicit violence. Musk responded by sharing memes criticizing Albanese, characterizing the government’s action as censorship.

See Also: Tesla’s Head Of Product Launches Departs After Feeling EV Giant Took ‘Pound Of Flesh’ Amid Mass Firings:

“This inquiry will provide opportunity and resources for parliamentarians to closely scrutinize these companies and make recommendations on how we can make these platforms accountable for their decisions,” said Communications Minister Michelle Rowland.

Why It Matters: The Australian government’s decision to investigate social media platforms comes amid a series of clashes between Elon Musk‘s X and the Australian government over content restrictions. Musk has been a vocal advocate for free speech and has been involved in legal disputes with several governments over their content regulations.

Earlier in April, Musk criticized the potential ban of TikTok in the U.S., arguing that it could set a dangerous precedent for the government to ban any app under the guise of national security.

Despite the ongoing legal battles, Musk’s X has taken decisive action to enforce its community standards, purging over 5 lakh user accounts in India for policy violations related to child safety and terrorism.

Read Next: ‘Wise Indeed:’ Tesla CEO Elon Musk Concurs As Billionaire Investor Stanley Druckenmiller Gives Bidenomics

Image Via Shutterstock


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