Elon Musk’s X Targeted by Italian Big Tech Probe That Could Impact Other U.S. Tech Giants (Reports)
variety.comNick Vivarelli International Correspondent Italy’s Guardia di Finanza fiscal police has opened a tax probe into Elon Musk‘s social network X in a move that could have a broader impact on the ongoing regulatory battle brewing between the European Union and U.S.
tech giants including Google, Apple and Meta. The Italian probe into X, first reported by Reuters, follows a parallel investigation by Italian authorities into Meta.
It specifically involves alleged non-payment by X of €12.5 million ($13 million) in VAT tax for the years 2016-2022. Musk completed his takeover of the platform formerly-named Twitter in October 2022.
Though the amount,and the possible related fine, is small for a juggernaut that generated $3.4 billion in revenue in 2023, the Italian probe is considered significant because it could set an important legal precedent within the European Union at a sensitive time.
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