Meta agrees to pay $18 billion to settle lawsuits over children's social media addiction

Meta Platforms (META.O), opens new tab will pay up to $18 billion and strictly limit how teenagers use Facebook and Instagram under a sweeping agreement with nearly all U.S. ​states to resolve claims it designed those social media platforms to addict children.

The settlements announced on Wednesday end a federal trial over allegations Meta's products harmed children and the company misled the public about their ‌safety. Four of the states — California, Colorado, Kentucky and New Jersey — were expected to seek close to $200 billion in civil penalties.