European Union regulators are preparing major penalties against Elon Musk’s social media platform, X, for violating a new E.U. law aimed at combating illicit content and disinformation, with fines and product changes expected to be announced this summer. The move is likely to escalate tensions with the United States, targeting one of President Trump’s closest advisers. The investigation into X is progressing independently from tariff negotiations, and if X refuses to comply, a legal confrontation may result, setting a precedent for enforcing the Digital Services Act.
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Why Wolfspeed Plunged Today
Shares of Wolfspeed (NYSE: WOLF), a silicon carbide chip manufacturer, saw a significant drop of 34.4% following the announcement of its plans to file for Chapter 11 bankruptcy to restructure its substantial debt. This decision follows earlier funding challenges due to the government not providing an anticipated CHIPS Act subsidy, though it seems equity holders may still retain some value in the company. Explain It To Me Like I'm 5: Wolfspeed, a company that makes...
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