Meta Reaches $18 Billion Settlement in Lawsuit Alleging Harm to Children
Meta has agreed to an $18 billion settlement with 29 U.S. states that accused the company's Facebook and Instagram platforms of harming children. This outcome, while hailed by campaigners as a victory, saw Meta's stock price rise, indicating that investors viewed the settlement favorably. The agreement includes several changes to how young people use Meta's platforms, such as a two-hour daily usage cap, restricted access during night and school hours, and the default implementation of safety and parental supervision measures. Additionally, 'likes' will no longer be shown automatically. Lori Schott of Colorado, whose daughter's suicide at 18 was linked to Instagram content, expressed that this was a 'good day.' However, Meta has not admitted liability as part of the settlement. The financial penalty is significantly less than the $200 billion the states sought and a fraction of the $1.4 trillion Meta reportedly feared it might have to pay. 
