Meta Platforms May Have Escaped the Worst of a Landmark Teen-Safety Lawsuit. But the Ramifications Could Be Much Worse for Snap.
Meta Platforms will pay up to $18 billion and significantly overhaul its teen-usage policies across its platforms.
Overview
In what is being referred to as potentially social media's "Big Tobacco moment," Meta Platforms (NASDAQ: META) recently announced an agreement with 52 attorneys general under which the parent company of Facebook and Instagram will pay up to $18 billion over the next decade and significantly change its policies for teen users.
While the fine would be the largest consumer-protection settlement ever, excluding Big Tobacco, most Wall Street analysts and experts believe Meta avoided what could have been a vastly larger financial settlement.
Details
But the ramifications from this landmark teen-safety lawsuit could be far worse for social media company Snap (NYSE: SNAP). Here's why.
Source
Originally published at www.fool.com.