Meta agrees to settle teen addiction lawsuit for up to $16.7 billion

Meta has agreed to settle a lawsuit over concerns that its platforms harmfully addict young people. Meta agreed to settle a teen addiction lawsuit for up to $16.7 billion on Wednesday. States brought the suit against the social media giant in 2023. Meta agreed to make changes to its products, including implementing a 2-hour daily limit for teens. Facebook and Instagram owner Meta agreed to settle a lawsuit alleging its platforms harmfully addicted young people to social media for up to $16.7 billion on Wednesday, according to court filings. Meta agreed to make changes to its products as part of the settlement agreement, including implementing a 2-hour daily limit for teens on its social media platforms. "Ensuring teens have a safe and productive experience on our platforms is an absolute imperative for Meta," the company wrote in a blog post. "We want to get this right for parents and teens, and that's why we partnered with state attorneys general to set a new industry standard." In the blog post, Meta said TikTok and YouTube should also implement restrictions for teens. Meta's stock dipped by less than 1% immediately following news of the agreement. Meta wrote in an earlier court filing that the settlement could expose it to losses up to $1.4 trillion. The settlement allocates money to 47 states, the District of Columbia, and several American territories. The federal judge overseeing the trial has not yet approved the settlement, though Meta and the plaintiffs have agreed to the terms. This is a developing story and will be updated. Read the original article on Business Insider

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