Meta agreed to settle lawsuits filed by several US states, including California. The company is set to 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 said social media use negatively impacted children. States contended the platforms fueled addiction. Meta denied wrongdoing but decided to resolve the matter. The agreement covers a wide range of legal allegations. The settlement will be tracked in court filings.