Uber Stock Falls as Waymo Plans to End Robotaxi Partnership by 2028 
SpaceX Q2 Earnings on Aug. 4 Set Stage for Historic Insider Share Unlock 
DOJ Subpoenas New York Times Journalists Over Air Force One Leak Report 
SAP Beats Q2 Revenue Estimates as Cloud Backlog and Business AI Demand Drive Growth. 
ASML, Applied Materials Slide as China DUV Chip Equipment Breakthrough Sparks Market Jitters 
Juan Orlando Hernandez Seeks Dismissal of Honduras Charges After Trump Pardon 
Eduardo Bolsonaro Granted U.S. Green Card Amid Brazil Legal Battle and Tariff Dispute 
Paramount-Warner Bros. Merger Delayed Until 2027 Amid Antitrust Lawsuit 
Shein Reports $99 Million Loss Ahead of Hong Kong IPO as U.S. Tariffs Hit Sales 
Paramount-Warner Bros. Discovery Merger Faces Lawsuit From 12 States 
US, China to Hold AI Talks Ahead of Xi’s September Visit 
Civil Rights Groups Sue Trump Administration Over Childcare Funding Freeze and Influencer's Role 
Trinidad Businessman Dominic Hadeed Appeals Detention Over Alleged Assassination Plot 
AMD Unveils Helios AI Servers to Challenge Nvidia as OpenAI Adopts New Platform 
Maduro U.S. Drug Trafficking Trial Set for June 2027 as Immunity Defense Looms 
Macquarie Names Greg Ward as CEO, Signaling Stability and Strategic Continuity 
Brown-Forman Rejects Sazerac’s $15 Billion Takeover Bid as Family Backs Independence 
Meta Platforms has revealed that four U.S. states are seeking approximately $1.4 trillion in potential penalties in a lawsuit accusing the company of designing Facebook and Instagram to addict young users while misleading the public about the platforms' safety.
The disclosure came in a court filing ahead of an August trial in Oakland, California, where California, Colorado, Kentucky, and New Jersey will pursue claims that Meta violated state consumer protection laws. According to Meta, the proposed penalties are based on the states' method of calculating fines by multiplying the number of alleged violations by the maximum penalties allowed under state law. The company argued that the amount is unsupported by evidence and unprecedented in consumer protection enforcement.
The states' detailed calculations remain under seal, but attorneys previously said the estimated violations were tied to the number of teenagers and young users allegedly affected by Meta's conduct.
The August trial will also address claims brought by 29 states under the federal Children's Online Privacy Protection Act (COPPA), which alleges Meta collected children's personal data without proper parental consent. Meta has denied all allegations, arguing there is no evidence it deceived consumers about social media addiction because the condition is not formally recognized as an established psychiatric disorder.
Another 14 states have filed separate claims under their own laws, with those cases scheduled for trial in February.
Last month, U.S. District Judge Yvonne Gonzalez Rogers rejected Meta's request to dismiss the case, ruling that key factual questions remain over whether Facebook and Instagram were intentionally designed to be addictive, whether Meta misrepresented their risks, and whether the company specifically targeted children.
The lawsuit is part of broader legal action against major social media companies, including Snap, Alphabet's YouTube, and TikTok parent ByteDance, over allegations they created addictive platform features that contributed to the youth mental health crisis. In a related case, New Mexico won a $375 million jury verdict against Meta earlier this year, while a judge continues to consider additional damages and possible changes to Facebook, Instagram, and WhatsApp.
