Meta agreed to settle lawsuits brought by several US states, including California. The company is set to pay 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 moved lower after the news emerged.
The lawsuits claimed social media use negatively impacted children. States contended the platforms encouraged compulsive use. Meta denied wrongdoing but chose to settle. The agreement includes a wide range of claims. The settlement will be tracked in court filings.