An $18bn settlement is a drop in the ocean for Meta – but the tide will still come for it | Chris Stokel-Walker
This week’s settlement without liability was pragmatic, but it doesn’t change the inevitability of further lawsuits around the world Not many people would count paying $18bn they didn’t expect to when they woke up that morning as a victory.
Yet for Meta, the owners of Facebook and Instagram, the agreement with 52 US attorneys general to settle claims that it designed its products to be addictive to children, and misled people about their safety, could be described as a win of sorts.
Meta denies wrongdoing, and the amount it plans to pay will be spread over a decade.
Some of it is contingent on other big tech firms not named in its case coughing up too.
The cash is chump change for Meta, which made around $60bn in profit last year.
More damaging to the tech giant in the long run could be the agreement to unwind some of the mechanics it has spent two decades perfecting to keep us on its platforms.
Chris Stokel-Walker is the author of TikTok Boom: The Inside Story of the World’s Favourite App Continue reading...
5News aggregated this summary from the outlet’s public feed. The full article, with all the context, is on www.theguardian.com — the content belongs to The Guardian Business.
