Meta Platforms shares climbed by more than 5% after the company reached a massive legal agreement. The social media giant will pay up to $16.7 billion to settle allegations that its Facebook and Instagram applications caused harm to children.
This $16.7 billion settlement addresses specific claims regarding the safety of the company's two largest social media platforms. Following the news, the stock's 5% gain reflected investor relief over the resolution of the $16.7 billion legal dispute.