Meta reached a deal on lawsuits filed by several US states, including 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 dropped slightly after the news broke.
The lawsuits claimed social media use negatively impacted children. States contended the platforms encouraged compulsive use. Meta refused to admit fault but decided to resolve the matter. The agreement covers a wide range of claims. The settlement will be tracked in court filings.