Meta shares jump 4% as Facebook parent settles major teen addiction lawsuit
Shares of Meta Platforms rebounded on Wednesday, 26 August, rising 4% to $593 apiece on the Nasdaq after the social media giant settled a major federal case and agreed to make significant changes to Facebook and Instagram.
Meta has agreed to pay $16.68 billion and introduce additional child-safety measures across its Facebook and Instagram platforms to end a landmark trial over teen social media addiction and settle claims filed by 47 states, AP reported, citing state attorneys general.
