Meta Settles Trillion-Dollar Lawsuits, Oil Prices Plunge
Meta Platforms has reached a settlement that will see it pay $18 billion over the next decade. The agreement comes as the company continues to face trillions of dollars in lawsuits from various states, including California, Colorado, Kentucky, and New Jersey.
The deal marks a small victory for Meta, which had previously feared it would face civil penalties totaling $200 billion.
As part of its settlement, Meta has agreed to limit how teens use its Facebook and Instagram products. Teens will be restricted to using the platforms for two hours daily, and access will be blocked from midnight to 6 a.m.
In other news, oil prices have fallen sharply in recent days, with WTI crude futures trading below $82. The decline is attributed to a deal between Iran and Oman to finalize their control of the Strait of Hormuz.
Energy stocks such as BP plc (BP), ConocoPhillips (COP), and ExxonMobil (XOM) have also taken a hit, with XOM stock potentially having peaked at $176.41.