Meta has agreed to resolve 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 noted the total could climb to 18 billion dollars. Meta stock moved lower after the news broke.
The lawsuits claimed social media use negatively impacted children. States argued the platforms fueled addiction. Meta denied wrongdoing but chose to settle. The agreement covers a wide range of legal allegations. The settlement will be tracked in court filings.