Last week, I concluded in a piece when Elon Musk brought the blue bird home with this line: “Yes, the European Union has a new profit-center to balance the budget with those fines.” Indeed, now that a man with a deep pocket is in charge of this special blue bird where small fines will not destroy the bird, watch out.
Expectedly, the European Union has dropped the words: “In Europe, the bird will fly by our EU rules”. Of course, the EU has a genuine reason to put any high voltage searchlight on Twitter since it is the largest public square, and needs to be under order before bad things happen. Yet, never think that those fines are blind on the targets!
This brings a big question: if you are overly worried about fines in the EU world, does it affect how you innovate to win globally? Looking at data, since 2000, the EU has lagged China and the US in Fortune Global 500 in the technology space. Does the regulation inhibit EU startups from growing? Contrast this with the US which is free-wheeling, allowing their companies to just grow, and dominate, before they open those searchlights at scale, you have a debate on regulation!
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Expect the first fine on Twitter in Q2 2023. The regulators have the big tree now and can open the playbooks. Hope African Union can get in the midst. After all, it was Africa that giveth the world the Elon of Africa.
Comment on Feed
Comment: I’m not for excessive regulations but if EU regulations is stiffling Fortune 500 numbers, I may be a pro EU regulations then. The question is what impacts do the Fortune 500s have on the overall health and wellness of the smallest units of the society, individuals and families? What’s the point in growing Fortune 500 numbers that only result in enriching a few enough to be able shell $44 billion on an impulsive acquisition, in the same country where the middle class is evaporating at an alarming rate? If EU lags in Fortune 500 numbers but is able to keep its small and medium size businesses alive and thriving, they just might be better prepared for the future where survival may be reserved for only those who can muster their basic need within local markets.
My Response: fair and balanced. Yet, the problem remains that one has to be big because you are both global and local in the internet age. But as you said which I agree, being big is not the full story.
Comment: The EU has always been at the forefront when it comes to regulations. This is one of the ways they project their own power and influence, they might not have the Military influence like USA or economical influence of China, but Brussels has it when it comes to regulations. Look at how they are making a whole stubborn Apple to fall in line by putting USB- Type C in the devices.
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Europe is past, nobody looks up to them for anything. If each continent decides to wield their own big sticks, Europe will still be at biggest disadvantage. But politicians are to prop their relevance, from Italy to Spain, you will know that they are all countries struggling to maintain the good old days.