Australia wants to slam X, Facebook with whooping fines: Elon Musk reacts with a single word

X boss Elon Musk criticized Australia's government on Friday, calling them "fascists" over their proposed legislation aimed at fining social media companies that fail to control the spread of misinformation.

The Labor government introduced the bill on Thursday, which could see internet platforms fined up to 5% of their global revenue if they allow misinformation to proliferate. This legislation aligns with broader global efforts to regulate large tech firms.

The law would compel tech companies to establish their own codes of conduct to combat misinformation, with oversight from a regulatory body. If companies do not comply, the regulator would set the standards and issue fines.

Musk, a vocal advocate of free speech, reacted with a single word: "Fascists":

In response, a spokesperson for Communications Minister Michelle Rowland stated that all companies operating in Australia are expected to adhere to Australian laws. "This bill improves the transparency and accountability of platforms for users and the Australian people", Rowland said.

Personally, I find it amusing that Australia of all places is so harsh on misinformation, given their actions in the 2020-2022 period.