Perhaps the first - and most tragic - victim of social media is the newspaper industry... Newspapers often use social media as a means of sharing their coverage, yet they often receive little to no support from social media platforms, and users often reproduce content that undercuts the revenue of newspapers.
Unlike the average social media user, journalists are professionals regulated by standards who provide readers with trusted reporting... Both bills would levy a tax on large tech corporations - namely Google and Meta - for their acquisition of user data for advertising, and would require the Franchise Tax Board to divert funds from these taxes to local news organizations.
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