An $18bn settlement – and Zuckerberg barely blinked. The tech titans must be stripped of their power, and soon
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
TL;DR
- Meta agreed to a $18bn settlement with 29 US states to end a lawsuit alleging harm to children on its platforms, Facebook and Instagram.
- The settlement includes a two-hour daily usage cap for young people, restricted night and school day access, and default safety measures.
- Despite the financial settlement and changes, Meta's stock rose, indicating shareholder confidence that the company avoided significant damage.
- Critics argue the $18bn is a small fraction of Meta's revenue and the payout is spread over 10 years, with a portion contingent on rivals' compliance.
- The settlement does not include an admission of liability by Meta, and the company still defines what constitutes harm.
- Concerns remain about the global implications, as the new terms apply only within the US, and the core business model of data collection and targeted advertising remains untouched.
- Proposals for further action include treating social media as a public health crisis and considering breaking up companies like Meta, similar to historical antitrust actions.