With Tories headed for re-election in the UK's snap election June 8, tech companies face the prospect of a "Facebook tax."
That would affect Facebook (NASDAQ:FB), naturally, but also likely Twitter (NYSE:TWTR) and Google (GOOG, GOOGL) and broadband/Internet providers including BT Group (NYSE:BT), Liberty Global (NASDAQ:LBTYA) and Vodafone (NASDAQ:VOD).
Prime Minister Theresa May's Conservatives now promise to push for a law allowing the government to levy taxes on communications providers, including social media, in order to fund Internet safety measures for younger people -- akin to a similar tax on gambling.
The plans would also require social-media companies to delete information about youths as they turn 18.
Previously: Facebook fined over WhatsApp takeover (May. 18 2017)
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