00:00It's Benzinga bringing Wall Street to Main Street!
00:02Meta has deactivated more than 756,000 Australian Facebook and Instagram accounts suspected
00:08of belonging to users under 16 as it works to comply with the country's social media
00:12ban, according to Benzinga.
00:14The law, which took effect December 10, requires covered platforms to take reasonable steps
00:19to prevent Australians under 16 from holding accounts.
00:22Meta removed 462,000 Instagram accounts and 294,000 Facebook accounts through June 30.
00:28The company said it is using artificial intelligence to identify contextual clues that may indicate
00:33a user is underage.
00:34Australia has proposed doubling the maximum penalty for noncompliance to about $69.75 million.
00:40Shares are down 12.31% year to date.
00:43For all things money, visit Benzinga.com.
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