Australia drops plan to fine Facebook, X and other social media companies: “…it is clear that there is no…”

Australia has abandoned plans to impose hefty fines on social media giants like Facebook and Instagram for failing to control misinformation. The decision comes after facing significant opposition in the Senate, effectively halting the proposed legislation. The bill aimed to hold tech companies accountable for curbing harmful content, potentially fining them up to 5% of their global turnover.