Fees and laws like this make it impossible for anyone to build their own platform.
That being said, I do think that every platform has an obligation to moderate its content and weed out whatever is illegal. The problem is they don't or they can afford the fines, and the escalation keeps going. As Meta and X start to spin into millions of dollars in settlements, what person with a laptop and some spare time is going to try to build anything better?
We're in a real bind. Content moderation needs to be enforced; platforms like Facebook should not be allowed to skirt the laws surrounding publishing false material. But to make moderation such a drastic fixed cost of starting a new platform is to eliminate any competitors from the existing behemoths.
