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Meta Sheds Influencer Andrew Tate's Lawsuit Over Instagram Ban
(news.bloomberglaw.com)
This is a most excellent place for technology news and articles.
They can change their TOS at any time, and frequently do so, so no, they are not bound "just as much as the user."
An unconscionable one, at best, considering the vast power disparity between a large social media site and any user. Clickthrough contracts should be banned outright. There's no way to negotiate. It's "my way or the highway."
Changing the TOS is explicitly allowed. You can refuse to accept the changes but then the company has the right to end their relationship with you (i.e. terminate your account).
There are also strict limits. Something like: "Your account may be terminated for any unspecified reason" is illegal, I'm pretty sure.
And the recent DSA of the EU has further limited social media company's rights to terminate accounts. I believe they must provide a way to fight terminations and listen to your arguments. Other countries may have similar laws but I cannot speak for them.
Banning clickthrough contracts would genuinely break large parts of the internet though. No more online purchases for one, including anything from Steam to Amazon.