- Enforcement of restrictions by the company is expected by early 2024.
- Critical elections including the U.S., India and South Africa slated for the year 2024.
- The company will be adopting artificial intelligence (AI) to enhance its election-related services.
- Facebook owner Meta has restricted political campaigns from using its new generative AI advertising products.
- Advertisers on Meta need to notify when AI or digital methods are utilized to create or modify political ads.
- In contradiction, Elon Musk’s social media platform X allows political advertising from U.S. candidates and parties.
- There has been a global call to regulate AI due to its threat of spreading misinformation.
- New rules will be enforced on Big Tech firms by the European Union to label political advertising.
Regulatory Actions on Political Advertising
By 2024, the firm plans to impose certain restrictions, according to statements given by the company. In the year 2024, many key elections around the globe, including those in the United States, India – the world’s biggest democracy, and South Africa, are to ensue.
Role of Artificial Intelligence in Elections
The technological behemoth plans to utilize artificial intelligence (AI) more intensively to aid voters and campaigns attached to these critical elections. Also, Meta, the parent company of Facebook, declared a policy in November restricting political campaigns and advertisers from using its groundbreaking AI advertising tools.
Disclosure Obligation and X’s Approach
Moreover, advertisers on Meta will now be obliged to reveal when they use AI or other digital methods to modify or create politically driven ads on Facebook (NASDAQ:) and Instagram. Conversely, Elon Musk’s social media platform X, currently under scrutiny by the European Union, has opened doors in August for political advertisements in the U.S for candidates and political parties.
Global Stance on AI Regulation
World governments have raised concerns about the need to regulate AI, considering misinformation dangers. Big Tech companies are soon to face new European Union guidelines to label and detail their political advertising.
The regulation of AI in political advertising and the contrasting approaches of Meta and X might affect market sentiment, potentially influencing trading in the tech and communications sectors. This can indirectly present investment opportunities or risks in forex trading depending on global policy reactions.