Meta Platforms has agreed to a settlement worth up to $17.1 billion with a coalition of U.S. states and territories over social media addiction lawsuits, resolving a major legal headwind for the company. The tech giant will also implement stronger protections for young users, including daily usage limits and stricter parental controls. The settlement, announced on Aug. 26, is payable over a decade and roughly equals one quarter's worth of net income, which was $15.8 billion in the second quarter. Meta's revenue rose 28% year over year to $60.8 billion in the same period. The company still faces concerns over its massive AI-related spending, but CEO Mark Zuckerberg is betting on AI agents to drive future growth, leveraging its 3.60 billion daily active users.
Meta Platforms Inc.Settlement of addiction lawsuits for up to $17.1B and new user protections.
NVIDIA Corporation