TikTok slapped with a $368 million fine in Europe for failing to protect children's privacy

• European regulators hit social media platform TikTok with a $368 million fine for lapses in children's privacy.
• It's the first time the video-sharing app has been penalized under Europe's data privacy rules.
• But TikTok's head of privacy argued that "most of the decision's criticisms are no longer relevant."

European regulators imposed a $368 million fine on TikTok, the first time the popular video-sharing platform has faced penalties for violating the EU's strict data privacy regulations, the Associated Press reported.