Meta agreed to settle lawsuits filed by several US states, including California. The company will provide between 16.68 billion and 17.1 billion dollars to resolve the dispute. Some reports said the total could reach up to 18 billion dollars. Meta stock moved lower after the news broke.
The lawsuits alleged social media use negatively impacted children. States contended the platforms encouraged compulsive use. Meta refused to admit fault but chose to settle. The agreement includes a wide range of legal allegations. The settlement will be tracked in court filings.