Crypto
Meta Agrees to $16.68B Settlement Over Social Media Harms to Children
Meta Platforms has agreed to pay at least $16.68 billion to settle claims from dozens of US states accusing the company of knowingly designing Facebook and Instagram to hook children and teenagers.
The settlement, announced on August 26, could climb as high as $18 billion depending on how related cases with other companies resolve.
Meta's stock rose approximately 4% in premarket trading after the announcement.
The litigation alleged that Meta violated the Children's Online Privacy Protection Act (COPPA) by improperly collecting personal data from minors while misleading the public about the safety risks of its platforms.