Follow the money. If you want to know how the tech giant Meta really feels about the $18bn it agreed to fork out to end a landmark lawsuit against it – an outcome widely hailed as a victory for campaigners – just look at its share price. It didn’t go down when word came on Wednesday that Meta had settled with the 29 US states that had argued that the company’s Facebook and Instagram platforms harmed children. On the contrary, Meta stock went up, initially surging by 5%, before levelling out at a gain of just over 1.25%. There could be no clearer proof that the money men reckon Meta dodged a bullet.
To be sure, there was plenty to hearten those who have long believed that social media damages teenagers especially, whether by exposing them to content they shouldn’t see or by sapping their self-esteem, offering them filters that show how much prettier they would look if they had cosmetic surgery or giving them a metric of their popularity – and unpopularity – in the form of a running tally of “likes” and views.
