Tech billionaire Elon Musk on Thursday called the Australian government “fascists” over plans to crack down on misinformation online.

Social media companies could face fines up to 5% of their global revenue if they enable the spread of misinformation, under a law proposed Thursday by Australia’s Labor government.

Tech platforms would be required to establish codes of conduct for how to stop dangerous misinformation from spreading, which would have to be approved by a regulator….