The Zhitong Finance App learned that on Wednesday local time, Meta (META.US) reached a settlement agreement with several US states, agreed to pay up to about 18 billion US dollars, and promised to impose comprehensive new restrictions on young people's use of the company's Facebook and Instagram social media platforms, thus ending a class action lawsuit about the harm of social media for young people. The agreement still needs to be approved by a judge. Meta denied the allegations in court documents and stated that the settlement did not constitute an admission of liability.

The Zhitong Finance App learned that on Wednesday local time, Meta (META.US) reached a settlement agreement with several US states, agreed to pay up to about 18 billion US dollars, and promised to impose comprehensive new restrictions on young people's use of the company's Facebook and Instagram social media platforms, thus ending a class action lawsuit about the harm of social media for young people. The agreement still needs to be approved by a judge. Meta denied the allegations in court documents and stated that the settlement did not constitute an admission of liability.