00:00It's Benzinga, bringing Wall Street to Main Street.
00:02The U.S. Supreme Court rejected Meta's appeal seeking to block a Vermont consumer protection
00:07lawsuit, alleging that Instagram was designed to be addictive for teenagers, according to Reuters.
00:12The justices declined to hear the case Tuesday, leaving intact a lower court ruling that allowed
00:17the suit to advance in state court. Vermont Attorney General Charity Clark filed the lawsuit
00:22in 2023, alleging that Instagram was engineered to exploit teenagers' psychological vulnerabilities
00:28to maximize engagement and advertising revenue. The complaint also claimed Meta misrepresented
00:35the safety and addictive nature of its platform. Meta denied wrongdoing and argued Vermont lacked
00:41jurisdiction, warning the ruling could expose it to lawsuits in all 50 states. The company did not
00:47immediately respond to Benzinga's request for comments. Shares were down by 60% at $608.65
00:54in Wednesday's pre-market trading, according to Benzinga Pro. For all things money, visit Benzinga.com.
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