Meta (NASDAQ:META) agreed to pay up to $18 billion to settle claims from 29 U.S. states alleging that its platforms contributed to risks for children and collected data from young users without proper parental knowledge.
Meta and state attorneys general have discussed a possible mid-trial settlement of the landmark case in which the company is accused of deliberately designing Facebook and Instagram to addict teens, people familiar with the matter said. Bloomberg's Balazs Penz explains.
Meta Platforms (NASDAQ:META) faces a federal trial involving 29 states over allegations that Facebook and Instagram were designed to addict young users and misrepresented platform safety.
Meta has quietly become one of Microsoft's largest AI customers, spending hundreds of millions of dollars a year to access the Azure cloud service - and reviving concerns around circular business dealings in the AI space. Bloomberg's Brody Ford joins Ed Ludlow on "Bloomberg Tech."
Meta is facing a landmark legal battle with 29 states accusing the company of deliberately designing its platforms to keep children hooked while misleading the public about their safety. George Washington University law professor Mary Anne Franks explains the state and federal claims, why the case has drawn comparisons to tobacco litigation, and why the biggest consequence may not be the potential financial penalty, but what internal documents reveal about what Meta knew and when. She joins Ed Ludlow on "Bloomberg Tech."
