The Spanish government's proposed regulations, including legal accountability for platform executives, criminalizing algorithmic manipulation, and banning social media for minors under 16, pose significant regulatory risks for social media companies like TikTok and Instagram, and potentially X (formerly Twitter). These measures could increase operational costs and legal exposure for platforms operating in Spain, impacting their user growth and profitability in the region. Investors should monitor the implementation of these policies as they could set a precedent for other European nations.