META SETTLEMENT
Does Snapchat cause depression, anxiety, eating disorders? A court trial that tells bold story against social media platforms
Social media companies face thousands of lawsuits in federal and state courts brought by individuals, school districts, municipalities and other government entities alleging the companies knowingly sought to addict children to their platforms.
Fintechs fortify cyber defences; Logistics cos in the speed lane
Happy Monday! Fintechs are stepping up security as AI-powered cyberattacks become more sophisticated. This and more in today’s ETtech Morning Dispatch.
Meta settles with teen during trial testing claims social media caused depression, eating disorders
Meta Platforms has settled with a teen plaintiff who accused the company of designing Instagram and Facebook to be addictive, causing her mental health problems
Big Tech earnings: Microsoft, Google see cloud revenues surge
Microsoft's total revenues hit $92.3 billion against expectations of $90.6 billion, with profits of more than $36.6 billion versus the $35.1 billion analysts had forecast, according to FactSet.
Jio Platforms shares surge 21% on debut, overtake Airtel in market cap
Jio Platforms made a remarkable entrance in the stock market, soaring 21.4% above its IPO price on the first day of trading. Closing at ₹1,417.35, the stock surpassed Bharti Airtel in market capitalization. With a staggering 22 times oversubscription, the IPO attracted considerable institutional backing. At the launch event, executive director Anant Ambani recognized the invaluable support from millions of subscribers.
Meta, Snap head to trial in another case about social media's harms
Jury selection is expected to begin on Wednesday in Los Angeles for another landmark trial about the alleged harms of social media on young users, with Meta and, for the first time, Snap as defendants. Meta and YouTube lost the first so-called bellwether case earlier this year, when a jury found them collectively liable for harming a young user known by the initials KGM, and ordered the tech companies to pay a combined $6 million penalty.
Meta to create non-voting shares to fund AI expansion, retain Zuckerberg’s control
Meta Platforms plans to introduce publicly traded non-voting Class C shares to fund AI investments, acquisitions and employee compensation while preserving Mark Zuckerberg’s voting control. The proposed one-for-one share distribution is expected to begin trading in January 2027.
Explained: Why is Meta creating a new class of non-voting shares amid its AI growth?
Meta plans to create a new class of publicly traded non-voting stock, known as Class C shares, and distribute one Class C share for each existing Class A and Class B share - effectively splitting its stock two-for-one. The new shares are expected to begin trading in January 2027.
Rhode Island sues Meta over alleged tolerance for scam advertising
The suit, filed by Rhode Island Attorney General Peter Neronha in Providence Superior Court, accuses Meta of unlawfully profiting from and participating in the creation of billions of dollars in scam advertising - even as it assured its billions of users that it was working diligently to protect them.
Meta beats expectations but legal penalties hit profit amid AI race
Meta beat investor expectations for third-quarter revenue on Wednesday as it doubles down on a global AI race but the social media giant's profits took a hit due to an $18 billion legal settlement with nearly all US states. The company reported $9.86 billion in profits from July to September, almost 50 percent below investor expectations, which Meta said was dragged down by a $9.9 billion charge related to the settlement.
Meta stock: Facebook, Instagram parent stock price rises after tech giant announces new types of shares. All you may want to know
Meta posted diluted earnings per share of $3.83 in the quarter, a figure that would have been $7.40, had it not been for a $9.89 billion charge related to the August settlement.
Meta hit with a staggering $25 billion penalty in New Mexico privacy case linked to Cambridge Analytica scandal-here's what happened
Meta has been sentenced to pay a staggering $25 billion for consumer protection infractions in New Mexico. These violations arose from misleading data collection practices tied to the notorious Cambridge Analytica scandal. Upon the court's ruling, Meta's chief legal officer expressed plans to appeal. Attorney General Raúl Torrez highlighted the serious repercussions faced by powerful tech firms, following a series of lawsuits over data breaches and child safety issues.
Meta ordered to pay New Mexico $25 billion after jury finds it deceived Facebook users about privacy
Jurors in September found Meta liable for over 43 million violations of New Mexico consumer protection laws when a political consulting firm, Cambridge Analytica, harvested Facebook user data to generate targeted political ads for the 2016 election.
How Byju’s parent funded Aakash rights issue; Zetwerk IPO fully subscribed
Happy Dussehra! Byju’s parent used money repaid by Great Learning to back Aakash’s rights issue. This and more in today’s ETtech Morning Dispatch.
Apple names Meta veteran Scott Tucker as litigation chief in legal team shake-up
Apple has hired former Meta litigation chief Scott Tucker as vice president of global litigation and financial services, strengthening its legal leadership amid mounting antitrust, patent and other lawsuits. The appointment is part of a broader reorganisation under General Counsel Jennifer Newstead, as the iPhone maker faces legal setbacks threatening its services business.
New CAS rules decoded: What Sebi’s revised framework means for stock market traders
Sebi has revised the Closing Auction Session (CAS) framework after receiving more than 20,000 comments from stakeholders. The updated rules introduce a 10-minute closing auction, restore the VWAP method for F&O expiry settlement prices and clarify order transfers. Most changes will take effect on December 7, 2026.
US states sue AI giant OpenAI, saying its popular chatbot is hurting children and deceiving adults
Eight US states have initiated lawsuits against OpenAI, alleging violations of consumer protection laws on various grounds. The accusations include harming children and misleading adults in a pursuit of profit. OpenAI's ChatGPT is claimed to provide dangerous advice and encourage harmful behavior among teenagers. The lawsuits assert that OpenAI has relied on inadequate safety testing for its chatbot products.
Race for Jio IPO bidding: Can you buy RIL shares now to access Rs 2,500 crore shareholder quota?
Reliance Jio has fixed a record date of October 14, 2026, for eligible shareholders of Reliance Industries. This date will determine who can apply for the reserved shares under the shareholder quota. The IPO aims to raise approximately Rs 30,213 crore through fresh equity shares. Eligible investors must apply under the normal IPO process and select the shareholder category.
Florida asks court to force Meta to change Facebook, Instagram for teens
In a filing in a Pasco County court, Florida Attorney General James Uthmeier asked for a temporary injunction forcing Meta to identify and remove users in the state under the age of 14 from those platforms, limit teens there to two hours a day across all apps and turn off features like autoplay and infinite scroll for them.
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