00:00It's Benzinga bringing Wall Street to Main Street.
00:02Australia plans to require social media platforms to let users over 16 choose between algorithm-based feeds and feeds limited
00:10to friends and creators they follow, according to CNBC.
00:14The proposed MyFeedMyWay legislation would require platforms to notify new and existing users about the choice.
00:21Companies that fail to comply could face penalties of up to $79 million.
00:26The legislation would also require AI chatbots, online games, and other digital services to protect users under 18 from addictive
00:36design features.
00:37Prime Minister Anthony Albanese said the proposed law would give Australians more control over their online experience while holding technology
00:45companies accountable.
00:47Australia last year became the first country to ban social media for children under 16,
00:51Though government data showed more than 81%, we're still using at least one restricted platform three months later.
00:59For all things money, visit Benzinga.com
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