Meta agreed to settle lawsuits filed by several US states, including California. The company will provide between 16.68 billion and 17.1 billion dollars to resolve the dispute. Some reports noted the total could climb to 18 billion dollars. Meta stock moved lower after the news broke.
The lawsuits said social media use harmed 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.