Meta has agreed to resolve lawsuits filed by several US states, such as California. The company will provide between 16.68 billion and 17.1 billion dollars to end the claims. 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 encouraged compulsive use. Meta denied wrongdoing but chose to settle. The agreement spans a wide range of claims. The settlement can be monitored in court filings.