Meta, the social media giant behind Facebook and Instagram, will pay up to $16.68bn (£12.26bn) to settle its landmark child safety social media case.
The settlement resolves the case with 29 US states related to child safety on its platforms, fighting the claim it deliberately made its social media apps addictive for children.
The court judgement requires Meta introduce certain rules for teenage users, including daily limits and night-time blocks.
Meta denied wrongdoing in agreeing to settle.
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Meta will pay up to $16.68bn to settle landmark child safety social media case
The claims have been described by some experts as social media’s “big tobacco moment”.
The states had argued that Meta “exploited how kids’ brains work” to keep them addicted to social media.
Meta’s business model is built upon a ploy to “hook the users” and then “hide the truth”, lawyers for the states told the court.
Total damages from the case could surge to as high as $1.4tn, almost its entire market value, Meta has warned.
Meta’s founder, Mark Zuckerberg, will now not have to take the stand to give evidence, meaning he swerves any potential embarrassment.
Meta shares jumped 4.7 per cent after news of the settlement broke.
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