Meta Faces Unprecedented Legal Onslaught: What Happens Next Could Shake the Tech Giant to Its Core!
Highlights:
- On Tuesday, Meta (the owner of Facebook, Instagram, and Whatsapp) was ordered by a New Mexico court to pay $375M for failing to protect its users (including children). Some children have committed suicide after being harmed on social media platforms.
- On Wednesday, Meta, along with Alphabet, Inc. (the owner of Google and YouTube), were ordered to pay $3M in compensatory damages and $3M in punitive damages to one plaintiff.
- TikTok and Snap, Inc. (the parent of Snapchat) settled with that same plaintiff early on.
- Other lawsuits are pending all over the country against Meta. Attorneys were waiting for rulings in these two cases before proceeding. I estimate that thousands of plaintiffs will be filing similar lawsuits across the country, and around the globe.
- Did Meta know their customers were being harmed, and yet kept allowing those harms to happen in order to protect their billions in annual revenues? Yes, they did!
- So, how are things going for Meta’s stock today? NOT WELL!
