Meta Platforms' (META) second-quarter 2024 results are expected to reflect the benefits of improving advertising business.
Meta Platforms (META) agreed to a $1.4 billion settlement over its collection of personal biometric data from Facebook users, Texas Attorney General Ken Paxton said Tuesday.
Meta Platforms (NASDAQ: META ) has been one of the brightest stars in the Magnificent Seven rally, with the stock delivering incredible multibagger returns from its 2022 selloff lows. I was pounding the table on META back then, seeing immense value in the company's core business despite the market's pessimism.
Meta will pay a record $1.4 billion to settle a biometrics-related lawsuit in Texas. In a Tuesday (July 30) news release, Texas Attorney General Ken Paxton said the settlement was the largest ever from an action brought by a single state, and is the largest privacy settlement obtained by an attorney general.
Meta reached a $1.4 billion settlement with Texas Attorney General Ken Paxton on Tuesday to settle a 2-year-old lawsuit related to the company's use of facial recognition software.
The lawsuit, filed in 2022, was the first major case to be brought under Texas' 2009 biometric privacy law, according to law firms tracking the litigation.
UPDATE—July 30, 2024: This article has been updated to reflect more recent analyst estimates and share price information.
The parent company of Facebook and Instagram faced allegations that it had collected facial identification information on millions of users in violation of a state law.
The lawsuit by Texas against Meta involved the Facebook owner's capture and use of biometric data without legally required authorization.
Roughly 40% of the world's population uses a product from Meta Platforms. Facebook and Instagram are the company's two biggest platforms.
Meta said Monday that it is rolling out its AI studio to all creators in the U.S. to let them create personalized AI-powered chatbots.