The problem with that approach alone is that large-scale social media companies will just absorb the fine as an operating cost. Fines and gaol time need to be levied against the people creating the content as well to try to stop the problem at its source. If a snake oil salesperson wants to push their bullshit but are afraid not only of their posts being taken down but fines and gaol time themselves, I venture we’d see a significant amount less of these people.
In my country they punish tabloids by forcing them to place on the front page either an apology or a correction if they shared some fake news, or private pictures.
We could imagine something similar for social medias, with ads replaced by message informing they shared fake news, for some days.
I really hope the European Union starts to fine social media platforms that allow snake oil salesmen.
The problem with that approach alone is that large-scale social media companies will just absorb the fine as an operating cost. Fines and gaol time need to be levied against the people creating the content as well to try to stop the problem at its source. If a snake oil salesperson wants to push their bullshit but are afraid not only of their posts being taken down but fines and gaol time themselves, I venture we’d see a significant amount less of these people.
I doubt they would consider 10-30% of their gross revenue as a fine a “operating cost”.
In my country they punish tabloids by forcing them to place on the front page either an apology or a correction if they shared some fake news, or private pictures.
We could imagine something similar for social medias, with ads replaced by message informing they shared fake news, for some days.
It will hit them harder than a fine.