Meta reached a deal on lawsuits brought by several US states, such as California. The company will provide between 16.68 billion and 17.1 billion dollars to finish the litigation. Some reports indicated the total could reach up to 18 billion dollars. Meta stock fell after the news broke.
The lawsuits claimed social media use harmed children. States argued the platforms fueled addiction. Meta denied wrongdoing but decided to resolve the matter. The agreement covers a wide range of claims. The settlement can be monitored in court filings.