Kids under 18 will soon see a host of changes to their Instagram and Facebook experiences thanks to a historic $18 billion settlement Meta Platforms reached Wednesday with 48 U.S. states.
South Korea's media regulator said on Thursday Meta's measures to better protect young users from potentially addictive social media features should ideally be applied to young users worldwide, rather than just in specific markets.
As part of its $18 billion settlement with 48 states, Meta agreed to add these restrictions to youth accounts within six months.
Meta reached an $18 billion settlement on Wednesday over a lawsuit brought by 29 U.S. states concerning children's safety. The settlement is historic in scale as Meta agrees with a group of 52 attorneys general to implement sweeping changes to how minors use Instagram and Facebook.
On Wednesday, Meta reached an agreement with attorneys general across states, Washington, DC, and US territories that had brought claims the design of the company's apps had harmed children. The company will pay up to $18 billion in penalties and alter its apps to potentially limit the amount of time teens spend on them daily.
Mark Zuckerberg and Co. are implementing landmark restrictions as part of a massive settlement, and they're urging Snap, TikTok and YouTube to follow suit.
As the S&P 500 has inched higher, Meta has sold off by another 10% in recent months. The company's improving ad-ranking algorithms, combined with the network effect, are powering impressions and average price per ad growth. Meta possesses an AA- S&P credit rating with a stable outlook.
Meta's deal to settle a federal lawsuit alleging it fueled a teen mental health crisis has a major caveat – its chief rivals TikTok and Google-owned YouTube must agree to make the same safety changes to their apps before Mark Zuckerberg will pay the full settlement.
Meta Platforms (META) settled for $12.7B over allegations of addictiveness and privacy violations targeting minors on Facebook and Instagram. The core PCE Price Index rose 0.2% in July, matching the consensus and ticking up from 0.1% in June.
Meta agreed to set more time limits and enhance protections in its platforms for young users, but was short on some specifics.
The Silicon Valley company agreed to pay up to $17.1 billion in penalties as part of a landmark settlement with states over social media addiction claims.
Meta agreed to pay a coalition of U.S. states as much as $16.7 billion and to impose sweeping new limits on how teenagers use Facebook and Instagram, according to a court filing Wednesday that ends a landmark trial in California.