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 said the total could climb to 18 billion dollars. Meta stock dropped slightly after the news broke.
The lawsuits claimed social media use negatively impacted children. States argued the platforms encouraged compulsive use. Meta denied wrongdoing but decided to resolve the matter. The agreement spans a wide range of claims. The settlement can be monitored in court filings.