European Union regulators are preparing major penalties against X, including a fine that could exceed $1 billion, according to a New York Times report yesterday.

The European Commission determined last year that Elon Musk's social network violated the Digital Services Act. Regulators are now in the process of determining what punishment to impose.

"The penalties are set to include a fine and demands for product changes," the NYT report said, attributing the information to "four people with knowledge of the plans." The penalty is expected to be issued this summer and would be the first one under the new EU law.

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