Changes in US stocks | Meta (META.US) falls more than 3% or faces the risk of heavy penalties of up to $1.4 trillion

The Zhitong Finance App learned that on Tuesday, Meta (META.US) fell more than 3% to $547.86. According to the news, it is reported that on August 18, the “Juvenile Addiction Lawsuit” initiated by the Attorney General of 29 US states opened. The plaintiff accused Meta (Meta.us) of deliberately designing Facebook and Instagram to induce addiction among young people, violating the Children's Online Privacy Protection Act (COPPA) and relevant state regulations, and demanded that Meta be ruled illegal, fined, and forced to change its social media operation model. Judge Yvonne Gonzalez Rogers of the Oakland Division of the Northern District of California Federal Court presided over the jury.

The report said that if it is determined to be illegal, the maximum fine for a single case is 20,000 US dollars, and the fines will quickly accumulate due to the large base of young users. Meta said that if it loses the lawsuit, the maximum penalty could reach 1.4 trillion US dollars, which is close to its current total market value. States did not disclose the total amount of claims, but California attorney Megan O'Neill revealed that the total amount of fines claimed by each state was close to 193 billion US dollars. This case was the target of a $206 billion settlement between states and tobacco companies in 1988. Meta refuted that the allegations were unfounded and that the money claims were seriously unbalanced, saying there was no substantial evidence that anyone in each state had been misled by the platform.