• The new EU regulations prohibit child-targeted advertising.
• Musk said he wanted to see fewer content restrictions on Twitter.
• Musk was prompted by the EU to consent to a 'extensive independent audit' of Twitter.

A legal battle over the survival of the social media site has been sparked by the European Union's threat to ban Elon Musk's Twitter unless the businessman complies with its stringent guidelines for content control, the Financial Times reported on Wednesday.

According to the Financial Times, which cited people with direct knowledge of the event, EU industry official Thierry Breton made the threat during a video chat with Musk on Wednesday. According to the report, Breton gave Musk a list of requirements to follow, including giving up a 'arbitrary' approach to reintroducing banned users and consenting to a 'extensive independent assessment' of the site by the following year.

Requests for comment from Reuters were not immediately answered by Twitter or the EU. Breton had previously pressed Musk to abide by historic EU regulations against hate speech and disinformation online. Similar remarks had previously been made by Didier Reynders, the justice commissioner for the European Commission.

In October, Reuters reported that Elon Musk had guaranteed the European Commission that, now that Twitter is owned by him, the social network will continue to abide by strict European regulations on the monitoring of illicit online content.
The CEO of electric vehicle manufacturer Tesla, Elon Musk, has previously expressed his desire to see Twitter have fewer restrictions on what can be posted. The assurances from Musk seemed to indicate a practical attitude from the executive. 

Before Musk's purchase of Twitter in May of this year, EU industry chief Thierry Breton and Musk expressed their agreement on EU digital media legislation. After weeks of negotiations, the world's richest man agreed to pay $44 billion (approximately Rs. 3,40,270 crore) in cash to acquire the social media firm.

The EU official tells Musk that he explained the Digital Services Act to Musk in a video that Breton shared on Twitter. Breton replies to Musk in a tweet that uses the hashtag #DSA, saying, 'It fits fairly nicely with what you think we should accomplish.' Musk replies, 'I think it's completely consistent with my thoughts.

The new rule, which imposes stiff fines on businesses that fail to monitor illicit content, was not discussed in depth by the two. Advertising that targets children or that is based on criteria like politics, gender, race, or religion is prohibited by the guidelines.