Alright, trying an ELI5 here.

Big internet platforms like YouTube, Instagram etc. will get new rules in the EU

• Less relevant/targeted ads for minors
• Ads are not allowed to target you based on your gender, ethnicity etc.
• More transparency and more control over which content will get shown to you
• Big internet companies can get sued for the content users upload
• They will implement reporting and delting tools to not get sued
• Maybe we’ll see some upload filters
• Instagram will give you a chronological feed
• TikTok will give you some trending stuff within your region
• EU only