Meta Platforms on Aug. 18 denied allegations by 29 states that it deliberately tried to get children addicted to its Facebook and Instagram platforms at a federal trial that began in California.
Meta has estimated that it could face up to $1.4 trillion in penalties, though state attorneys general have said the figure may be closer to $200 billion. Meta currently has a total market capitalization of approximately $1.39 trillion.
The states claim that Meta misled consumers and designed Facebook and Instagram in such a way that they would hook young users, leading to increased anxiety, depression, and even suicide.
The 29 states allege that Meta has violated the federal Children’s Online Privacy Protection Act (COPPA) by collecting personal information from children under 13 without obtaining proper parental consent….