Wiz Co-Founder Confirms $500M ARR, Eyes $1B Mark for IPO
Wiz, a cloud security startup, has reached $500 million in ARR and plans to double that to $1 billion by 2025, a prerequisite for its IPO.
Jordan Vega
Australia has taken a significant step in regulating social media use among minors, passing a law that bans children under the age of 16 from using social media platforms. The legislation, approved by Australian lawmakers on Thursday, aims to protect the mental health of children online, despite opposition from tech companies who claim the rules are unworkable.
The new law is scheduled to come into effect in 12 months, giving social media companies time to meet the requirements. These include taking "reasonable steps to prevent children who have not reached a minimum age from having accounts." Children who violate these upcoming restrictions won't face punishment, nor will their parents — the responsibility lies entirely with platform providers. Australian Prime Minister Anthony Albanese emphasized that the government wants to ensure children have a safe online experience, saying, "We want Australian children to have a childhood, and we want parents to know the Government is in their corner."
The law is expected to apply to popular social media platforms such as Facebook, Instagram, Snapchat, and TikTok, but exempts sites like YouTube and messaging platforms like WhatsApp. The legislation doesn't specify how tech companies will enforce the new age restrictions, leaving it up to the companies to develop their own methods. However, those that fail to do so would face fines of up to $50 million AUS (about $32.4 million US).
The move has sparked debate on online safety and free speech, with tech companies expressing concerns about the feasibility of implementing the law. Meta, the parent company of Facebook and Instagram, criticized the bill when it was introduced, calling it "inconsistent and ineffective." Elon Musk, owner of X, also slammed the law, alleging that it seems like "a backdoor way to control access to the Internet by all Australians."
Despite the opposition, a YouGov survey released on Tuesday found that 77 percent of Australians support the measures. Similar proposals to place higher age restrictions on social media sites are also being explored in Norway and Florida, with the latter currently being challenged over free speech concerns. The Australian government's move is seen as a significant step in regulating the online activities of minors, and its implications will be closely watched by governments and tech companies around the world.
The law's effectiveness will depend on how tech companies choose to implement the age restrictions. While the government has not specified how this will be done, it is likely that companies will need to develop robust age verification systems to comply with the law. This could involve partnerships with identity verification providers or the development of in-house solutions. The success of the law will also depend on how well it is enforced, with the threat of hefty fines providing a strong incentive for companies to comply.
The Australian government's move is part of a broader trend towards greater regulation of the tech industry. As concerns about online safety, data privacy, and free speech continue to grow, governments around the world are taking steps to ensure that tech companies are held accountable for their actions. The impact of this law will be felt beyond Australia, as tech companies and governments grapple with the challenges of regulating the online world.
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