Meta Slides 4.3% as Child Safety Trial Opens in Oakland
META is trading near its 52-week low of $520.26 (4.6% above the low).
Summary
Meta shares fell 4.3% to $544.30 as opening arguments began in a federal child safety trial brought by four state attorneys general. The case alleges Meta violated state consumer protection laws and COPPA by making its platforms addictive and targeting young users. This follows a nearly $1 billion New Mexico state court ruling that ordered Meta to limit young people's time on its apps. The trial adds to a string of legal and regulatory pressures, including Canada's proposed under-16 bill and a $2.4B legal charge in Q2. The stock is now 17% down year-to-date and trading near its 52-week low.
At the time of this announcement, META was trading at $544.05 on NASDAQ in the Technology sector, with a market capitalization of approximately $1.4T. The 52-week trading range was $520.26 to $790.80. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.