News · Yahoo Finance

Meta allegedly schemed to discredit outspoken NYU professor, unsealed court documents show

Unsealed court documents in ongoing litigation appear to show Meta employees discussing how to undermine Jonathan Haidt, the social psychologist behind 'The Anxious Generation' who criticizes social media's effect on youth and is a professor at NYU's Stern School of Business. The documents, which appear to date from 2023, reference a 'Haidt assignment' aimed at getting the academic community to disavow him, and describe a covert 'whisper strategy' requiring coordination across Policy, Comms and Legal. Meta has faced lawsuits since 2022 alleging youth mental health harms, and it reached a settlement with 52 attorneys general agreeing to pay up to $18.5 billion. An SEC filing says damages sought in its youth mental health cases have at times amounted to more than a trillion dollars.

Summary written by Upside AI from the original article. Read the source for full details.

Read the original on Yahoo Finance ↗

Keywords

METAsocial medialawsuits

Open a keyword to see other news on the same topic.

Related tickers and likely impact

META

▼ Likely negative

Meta Platforms

Relevance: low

MarketUS stocks
SectorCommunication Services
IndustryInteractive Media & Services
Market cap$1.7T
Close on 10/29/2026624.54
Change that session+1.97%
META price, forecasts and signals →

Impact is scored by AI from the headline and may be wrong. It is not investment advice.

Related news

  • Snap Sinks 2% as Teen Addiction Trial Opens

    Snap shares fell 2% as jury selection began in its first trial over youth social media addiction in Los Angeles, with Meta also a defendant. Two teenagers say social media hooked them and harmed their mental health; the plaintiffs seek compensatory and punitive damages without naming an amount, while Snap says the claims misrepresent their experiences on Snapchat. Snap's free cash flow reached $705.5 million over the twelve months to June 2026, while Meta agreed to settle with 52 state attorneys general for up to $18.59 billion and posted negative $2.12 billion of third-quarter free cash flow amid heavy AI spending. Snap reports third-quarter results on Nov. 4, with revenue guidance of $1.70-$1.74 billion. The author sees court-ordered product changes as the bigger risk and considers the drop a fair reaction, since Snap has much less room than Meta to pay a large verdict.

    Yahoo Finance·▼ METASnapMETAsocial media
  • Judge orders Meta to pay $25 bn to New Mexico in Cambridge Analytica case

    A New Mexico judge ordered Meta to pay the state $25 billion on Wednesday, after a jury last month found the company deceived users in a case tied to the Cambridge Analytica scandal. The ruling comes a couple of months after Meta agreed to pay $18 billion to settle claims brought by 48 other states. Cambridge Analytica harvested data through a personality quiz app installed by about 270,000 users, reaching roughly 87 million Facebook users worldwide, and jurors found the misconduct affected all 2.1 million residents of New Mexico. Meta called the ruling “a tax on speech” that makes doing business in the state all but impossible and said it will appeal, while Attorney General Raúl Torrez hailed it as historic. Separately, New Mexico already won nearly $1 billion in penalties against Meta in a case over harms to children.

    Yahoo Finance·▼ METAMETAlawsuitsdata privacy
  • Meta ordered to pay $25 billion in case related to Cambridge Analytica scandal

    A New Mexico judge ordered Meta to pay the state $25 billion, its biggest payout yet, over its role in deceiving users about data privacy in the Cambridge Analytica scandal, following a two-week trial. The jury had found Meta committed 43 million violations of state consumer protection laws, each carrying a $5,000 penalty. The case covered a third-party app linked to the Cambridge Analytica breach, as well as Meta's data privacy policies and its efforts to mitigate misinformation. New Mexico Attorney General Raúl Torrez said the payment could pay for school construction for the next 100 years. Meta said it will appeal, calling the ruling an effort to impose a tax on speech and warning that it makes doing business in New Mexico all but impossible.

    Yahoo Finance·▼ METAMETAlawsuitsdata privacy
  • Ticker : Florida wins ruling for kid social media usealtoonamirror.com·▼ METAMETAsocial mediaFlorida
  • Hiltzik: A judge just gave us 25 billion reasons why Meta's privacy promises about its Muse AI bot shouldn't be trusted

    A New Mexico judge ordered Meta to pay a $25 billion penalty for "lies" and "false promises" about protecting users' privacy and personal data, describing a systematic pattern of deception over more than a decade. Meta said it will appeal, calling the ruling an attempt to impose a tax on speech. On its third-quarter earnings call, CEO Mark Zuckerberg touted the "state-of-the art privacy and security" of Muse, while the author recalls that the FTC fined Facebook, now Meta, a record $5 billion in 2019. Analysts asked no questions about the New Mexico case, even though Meta's third-quarter results included a $9.9 billion charge tied to a $17 billion settlement with 47 states. Meta shares fell 7% to $648.45 on Thursday, a drop the article attributes more to planned AI-related capital expenditures than to the New Mexico ruling.

    Yahoo Finance·▼ METAMETAartificial intelligenceprivacy
  • Why Meta Platforms Stock Took a Hit Today

    Meta Platforms shares were down about 7.2% at 1:10 p.m. ET on Thursday, after falling as much as 7.6% earlier. Third-quarter revenue rose 26% to $64.6 billion, but diluted EPS of $3.83 included a $9.9 billion charge tied to a recent legal settlement over teen social media addiction; excluding it, EPS would have been $7.40, versus consensus estimates of $5.46. Investors reacted to the creation of non-voting Class C shares, effective Jan. 19, 2027, to raise capital for AI spending, employee compensation and potential acquisitions, while CEO Mark Zuckerberg retains over 60% voting control. Separately, New Mexico ordered a record $25 billion judgment over the Cambridge Analytica scandal, which Meta plans to appeal. At 22 times earnings, the stock trades below its 3-year average multiple of 27, though the article notes investors should weigh its legal exposure.

    Yahoo Finance·▼ METAMETAearningsartificial intelligence

Related markets

US stocks →

Latest news

  • Why bitcoin held up better after the record Binance hack

    Binance suffered the biggest hack in crypto history, with about $6.3 billion affected, and security firm TRM Labs linked the incident to North Korea. Bitcoin dipped to $77,065 at 1:34 p.m. ET on Friday, down about 4% on the day, while data from Anchorage Digital showed bitcoin fell 8.3% on average in the first 24 hours after past exchange exploits. Sam Callahan of OranjeBTC and Spencer Hallarn of GSR said the breach was a security failure at a centralized exchange, not a failure of the bitcoin network, and that bitcoin has moved in step with other risk assets amid concerns over AI-related earnings. David Lawant of Anchorage Digital noted that only 6% of bitcoin is held in ETFs, suggesting many holders take a longer-term view.

    CNBC·▼ BNB/USDT▲ BTC/USDTcryptobitcoinBinance
  • Secret Service, FBI Join Binance Hack Probe as Circle Freezes $823 Million

    Binance is working with the FBI and U.S. Secret Service after hackers stole $6.4 billion from the exchange, according to Reuters. Circle froze about $823 million in USDC linked to the attack, while Tether froze $975.1 million in USDT according to the article's summary, though the detailed section cites about $1.5 billion. Blockchain firms TRM Labs and Chainalysis attributed the theft to TraderTraitor, a North Korea-linked group also tied to the $1.5 billion Bybit hack. CEO Richard Teng said Binance has reserved more than $6.34 billion to cover the stolen assets, with about $3 billion already located or frozen, and withdrawals remain suspended with a resumption targeted for Sunday.

    Decrypt·▼ BNB/USDT• BTC/USDTcryptocybersecurityBinance
  • Coinbase leads crypto stock selloff following $6.3B Binance hack

    Shares of crypto-linked companies fell sharply on Friday, with Coinbase down more than 13% a day after reporting a drop in third-quarter revenue. Circle fell more than 9%, Strategy about 8%, IREN more than 10% and Figure Technology Solutions about 9%, according to Yahoo Finance data at the time of writing. Coinbase posted $719 million in net income, boosted by about $715 million in gains on crypto investments, though net revenue fell about 34% year over year to $1.16 billion. Strategy reported $19.53 billion in net income, driven by a $20.91 billion gain on its Bitcoin holdings, while revenue fell 3% to $125.4 million, and CFO Andrew Kang will step down on Nov. 5.

    Cointelegraph·▼ BNB/USDT▼ BTC/USDTcryptoearningsCoinbase
  • Why XRP Is Sinking Today

    XRP fell 4.2% in the 24 hours to 1:23 p.m. ET on Friday, Oct. 30, as the $6.3 billion Binance hack rattled the industry, while the S&P 500 and Nasdaq Composite were down 1.8% and 3.1%. Hackers drained Binance hot wallets holding 10 cryptocurrencies, and Arkham said the first $300 million to leave was XRP. Ripple helped freeze about $200 million of its RLUSD stablecoin but cannot do the same for XRP, the native token of the XRP Ledger. The author argues that RLUSD is more attractive than XRP to banks and financial institutions that prioritize stability and security.

    Yahoo Finance·▼ XRP/USDTcryptoXRPaltcoins
  • Amazon earnings fall short amid tech sell-off, and Anthropic becomes SpaceX's top partner

    In this Market Hang episode, Laffer Tengler Investments CEO and CIO Nancy Tengler and a panel discuss disappointing earnings from Amazon (AMZN) and Intel (INTC), whether energy earnings feed into inflation, and Anthropic (ANTH.PVT) passing the US government as SpaceX's (SPCX) top partner. The panel includes Futurum CEO Daniel Newman, SHAKTI Partner Liz Harrow, Kelly Intelligence Founder, CEO and CCO Kevin Kelly, and The Daily Wolf host Scott Melker.

    Yahoo Finance·▼ AMZNAMZNearningsartificial intelligence
  • Demand for AI intelligence is insatiable, but where’s the ROI?

    A panel of experts says recent earnings show solid operations, but uncertainty remains around capital spending and valuations. They argue comparisons with the internet bubble are misplaced, since demand for AI remains very strong, and point to Anthropic's S-1 as evidence customers still pay a premium for its tokens. Google's ad business grew 12% but missed expectations. Another view holds that AI returns are not yet visible outside tech companies such as Eli Lilly and Walmart, so some investors are weighing waiting two years or moving into alternatives like bonds offering a risk-free return of about 6%. A panelist pushing back says AI is showing up in earnings through cost cutting, new product development, faster sales cycles and better supply chain management, though productivity is hard to measure.

    Yahoo Finance·▲ GOOGLAI investmentartificial intelligencevaluation

All news →

Get the briefing on Telegram or Zalo

Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.