The matter looked very bad and Mark Zuckerberg did not want to face the risk of a conviction of up to $1.4 trillion, which would endanger his company, especially as more and more cases emerge.
As CNBC reported this Wednesday, Meta and a coalition of state attorneys general have reached an agreement in the landmark federal lawsuit centered on allegations that the social media giant misrepresented the extent of mental health damage to minors caused by apps like Facebook and Instagram, in which it established mechanisms to create addiction. The company agreed to pay 16.68 billion to close the matter, the Financial Times reported.
The company agrees to pay 17.1 billion to close the matter and has also committed to making significant changes to its products and tools to stop endangering minors by promoting tech addiction.
The agreement comes during the second week of the trial, which is being held in federal court in Oakland, California, and is jointly led by California Attorney General Rob Bonta and the attorneys general of Colorado, New Jersey, and Kentucky. These represent a bipartisan group of 29 attorneys general in a joint case stemming from a lawsuit filed in 2023.
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State representatives sought both financial penalties and court-ordered changes in how Meta manages its platforms, and this could completely transform its way of working.
That negotiations had been established, given how the oral hearing was progressing, was reported by Bloomberg based on sources close to those conversations to reach the agreement.
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