Tech stocks today: Meta agrees to settle social media case for $16.68 billion

Meta, the parent company of Facebook and Instagram, has reached a settlement with state attorneys general over allegations of developing products to hook young users on their platforms and harvesting data from children under 13. The case, which is in its second week of trial, was brought by 29 states and resulted in Meta agreeing to pay up to $16.68 billion.

In a statement on its website, Meta emphasized its commitment to ensuring a safe and productive experience for teens on its platforms. The company has agreed to implement a series of safety features, including hard caps on daily time limits, regular pauses for children using its apps, nighttime blocks on access to feeds and notifications, and stricter age verification measures.

These changes will remain in effect for five years, with potential revisions if other platforms adopt similar terms.