Meta agrees to pay $16.7B to settle case over claims social media platforms harm children

Meta agreed to pay up to $16.68B in a landmark settlement with 29 state attorneys general over allegations that Instagram and Facebook were intentionally built to addict kids. The size of the penalty and regulatory scrutiny raise material legal/regulatory risk for the platform and could pressure future product and engagement practices. The settlement is likely to be sector-moving given the prominence of Meta’s social network business model.