An $18bn settlement – and Zuckerberg barely blinked. The tech titans must be stripped of their power, and soon | Jonathan Freedland
Those who said Meta harms children struck a blow, but the ability of big tech to gouge profits and cause harm is barely diminished. That’s the battle to come Follow the money. If you want to know how the tech giant Meta really feels about the $18bn it agreed to fork out to end a landmark lawsuit against it – an outcome widely hailed as a victory for campaigners – just look at its share price . It…
Meta has agreed to pay $18 billion to settle a lawsuit brought by 29 US states, which argued that the company's Facebook and Instagram platforms harmed children. Despite the settlement being hailed as a victory for campaigners, Meta's stock price actually increased following the announcement. This suggests that shareholders believe the company has avoided a significant financial blow.
However, those who have long warned of the potential negative impact of social media on teenagers, including exposure to inappropriate content and negative effects on self-esteem, remain skeptical. The Guardian columnist Jonathan Freedland notes that despite the settlement, the ability of big tech companies to generate profits and cause harm is not diminished, and the real battle lies ahead in addressing the issue of tech power.
Written by urgent.news from Guardian Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
