Meta is being sued for allegedly exploiting young users by collecting data from children without parental consent.

"Thirty-three states have banded together to sue Meta, alleging that the company was exploiting its young users on Instagram and Facebook for profit, including by collecting data from children without parental consent." The damages could be as high as $1.4 trillion, nearly the same as Meta's market capitalization at just above $1.5 trillion. https://gizmodo.com/metas-teen-safety-case-just-became-a-1-4-trillion-existential-threat-2000782306 Via https://flipboard.com/@thenewsdesk/technology-shjum1jiz/-/a-CHwwNHlfS-GTffJivjlDbA%3Aa%3A43591897-%2F0 #news #technology #TechNews #meta #facebook #instagram #SocialMedia

Meta is facing $1.4 trillion in damages in a social media addiction case brought by four states. Thirty-three states have banded together to sue Meta, alleging that the company was exploiting its young users on Instagram and Facebook for profit, including by collecting data from children without parental consent. Four of those states—California, New Jersey, Colorado and Kentucky—also claim that the company misled consumers about the addictive design features on the platforms, thereby causing mental health problems in children who got hooked from an early age. The damages requested by those four states add up to a whopping $1.4 trillion, Meta said in a recent court filing, -- a figure that would allegedly go even higher with the other penalties the attorneys general seek to add. The number is high even when compared to the company’s market capitalization, which is just above $1.5 trillion. https://gizmodo.com/metas-teen-safety-case-just-became-a-1-4-trillion-existential-threat-2000782306

"Meta is facing $1.4 trillion in damages in a social media addiction case brought by four states. Thirty-three states have banded together to sue Meta, alleging that the company was exploiting its young users on Instagram and Facebook for profit, including by collecting data from children without parental consent. Four of those states—California, New Jersey, Colorado and Kentucky—also claim that the company misled consumers about the addictive design features on the platforms, thereby causing mental health problems in children who got hooked from an early age. The damages requested by those four states add up to a whopping $1.4 trillion, Meta said in a recent court filing, a figure that would allegedly go even higher with the other penalties the attorneys general seek to add. The number is high by many standards but especially when compared to the company’s market capitalization, which is just above $1.5 trillion. Meta has denied the allegations, and recently attempted yet failed to get the addiction claims dismissed. In the latest court submission, the attorneys for Meta argued that the $1.4 trillion in damages was unsubstantiated and disproportionate." https://gizmodo.com/metas-teen-safety-case-just-became-a-1-4-trillion-existential-threat-2000782306 #SocilalMedia #BigTech #Meta #TeenSafety