It seems the EU have decided the most effective response to an oligarchy declaring trade war is to target the leading oligarchs with government influence. Expect more actions which enrage Trump and Musk and an escalation from both sides. This won’t end well for either side IMO.
Until three months ago we were also strong allies. But there has been nothing but contempt from the current administration towards the EU and Europe.
That said, the EU usually prepares these cases very meticulously. As the article says, they already started in 2023 and issued a preliminary ruling last year. Also, it seems like the issue can still be settled without a fine:
The European Union and X could still reach a settlement if the company agrees to changes that satisfy regulators’ concerns, the officials said.
That said, it's likely that there have been many deliberations about this and other fines (e.g. Apple) and there were rumors that the EU was going to play softer to appease Trump. But I guess Vance's speech at the NATO conference, the disdain for Europe in the leaked Signal chats (which was completely misplaced because Houthis are attacking vessels as a revenge for Israel's attack on Palestine), and then the high tariffs on EU exports (where Trump only takes into account goods and not services) made the EU decide to show teeth instead.
IMO in the end it's the best thing to do, worst thing is to appear weak with these bullies (apparently Trump called Jean-Claude Juncker 'a brutal killer').