Meta reached a deal on lawsuits filed by several US states, such as California. The company is set to pay between 16.68 billion and 17.1 billion dollars to end the claims. Some reports noted the total could reach up to 18 billion dollars. Meta stock moved lower after the news emerged.
The lawsuits said social media use harmed children. States argued the platforms fueled addiction. Meta denied wrongdoing but decided to resolve the matter. The agreement covers a wide range of legal allegations. The settlement can be monitored in court filings.