Meta reached a deal on lawsuits filed by several US states, such as California. The company will pay 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 dropped slightly after the news emerged.
The lawsuits said social media use harmed children. States argued the platforms encouraged compulsive use. Meta denied wrongdoing but chose to settle. The agreement includes a wide range of legal allegations. The settlement can be monitored in court filings.