Meta agreed to settle lawsuits filed by several US states, including California. The company will pay between 16.68 billion and 17.1 billion dollars to end the claims. Some reports indicated the total could climb to 18 billion dollars. Meta stock dropped slightly after the news emerged.
The lawsuits alleged social media use negatively impacted children. States contended the platforms encouraged compulsive use. Meta denied wrongdoing but chose to settle. The agreement covers a wide range of legal allegations. The settlement will be tracked in court filings.