00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Meta Platforms rejected claims Tuesday that it intentionally designed Facebook and Instagram
00:08to addict children, according to Reuters. A bipartisan group of 29 states is suing
00:14Meta for allegedly harming young users, misleading consumers about platform safety,
00:19and improperly collecting children's data, while seeking major penalties and changes
00:23to its business practices. Meta denied its products are addictive and said research shows
00:29no clear link between adolescent social media use and reduced well-being.
00:33The states are seeking penalties that attorneys general said could approach $200 billion,
00:38along with changes including eliminating likes and infinite scroll for younger users.
00:43Former Meta safety engineer Arturo Bayar testified that Meta knew its child safety tools were
00:48ineffective and took a lax approach to monitoring users under 13. He also said safety was not
00:54initially considered when products such as Reels were launched. Meta shares closed down 4.4%
01:00Tuesday. For all things money, visit Benzinga.com.
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