Meta reached a deal on lawsuits filed by several US states, such as California. The company will pay between 16.68 billion and 17.1 billion dollars to end the claims. Some reports noted 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 argued the platforms fueled addiction. Meta refused to admit fault but decided to resolve the matter. The agreement spans a wide range of legal allegations. The settlement can be monitored in court filings.