Florida is implementing new measures to keep children and teenagers away from social media.

What Happened: Florida Gov.Ron DeSantissigned a bill Monday that bans the use of social media platforms for children 13 or under. The legislation also requires parental permission for those that are between the ages of 14 and 15.

The bill passed the Florida legislature earlier this month with bipartisan support.

For social media giants likeMeta Platforms Inc(NASDAQ:META), parent company ofInstagramandFacebook, as well as Beijing-based TikTok ownerBytedance, it's bad news.

Bytedance is already facing massive scrutiny from the federal...