TECH - New Florida Law To Ban Social Media For Kids Under 14 Require ID Checks On All Ages—What's At Stake For Meta Snap And Tech ETFs | Benzinga
Florida is implementing new measures to keep children and teenagers away from social media.
What Happened: Florida Gov. Ron DeSantis signed a bill Monday that bans the use of social media platforms for children 13 or under. The legislation also requires parental permission for those that are between the ages of 14 and 15.
The bill passed the Florida legislature earlier this month with bipartisan support.
For social media giants like Meta Platforms Inc (NASDAQ:META), parent company of Instagram and Facebook, as well as Beijing-based TikTok owner Bytedance, it’s bad news.
Bytedance is already facing massive scrutiny from the federal government under a bill that could force the company to sell its U.S. operations to a local buyer or face a complete shutdown in the country.
The main argument behind the newly-signed bill is backed by rising levels of anxiety, depression and addiction to social media amongst teenagers, which many commentators have blamed a lack of action by the platforms themselves, and purposely addictive design.
The bill did not clarify which companies will be affected by its language. But, it's expected that Snap Inc (NYSE:SNAP) and X, formerly Twitter, will also be amongst those affected.
The law would go live on Jan. 1, 2025, unless it's stopped by the courts ...