5 things to know before the market opens Thursday Stock futures are declining this morning following a mixed performance in the previous session. Here are five key developments investors should be aware of as the trading day begins: A Los Angeles jury ruled that Meta Platforms Inc. and Google’s YouTube failed to warn users about the risks of social media addiction, marking a significant legal setback for the tech industry. The verdict, part of a broader wave of lawsuits against major platforms, awarded compensatory damages of $3 million and punitive damages of another $3 million, split between the two companies. This follows Meta’s recent loss in a separate trial over child exploitation claims, where a New Mexico jury ordered the company to pay $375 million in civil damages. New Mexico Attorney General Raúl Torrez announced plans to push for regulatory changes, including platform reforms and algorithmic adjustments, as part of the state’s response. Meanwhile, Meta is reportedly cutting hundreds of jobs while offering new stock options to retain key executives. The company also announced the return of Hugo Barra to its leadership team as it seeks to strengthen its position in the artificial intelligence sector. Meta’s stock has declined nearly 10% this year, reflecting investor concerns over the legal and operational challenges facing the firm. Global oil prices are rising amid renewed optimism that the U.S.-Iran conflict may be de-escalating. European energy giants warned of potential shortages due to the ongoing war, while the U.S. Postal Service announced plans to implement a temporary 8% fuel surcharge for deliveries, citing the impact of rising oil prices on operational costs. Space stocks surged after reports surfaced that SpaceX could file for a public offering as early as this week.#los_angeles #meta_platforms_inc #new_mexico #raul_torrez #google_youtube
Meta must pay $375 million for violating New Mexico law in child exploitation case, jury rules A jury in New Mexico ruled Tuesday that Meta violated the state’s unfair practices act by willfully engaging in an unconscionable trade practice, leading to a $375 million damages award. The civil trial, which began on February 9 in Santa Fe, centered on allegations that Meta misled residents about the safety of its apps, including Facebook and Instagram, and failed to safeguard users from child predators. New Mexico Attorney General Raúl Torrez sued Meta in 2023 following an undercover operation involving a fake social media profile of a 13-year-old girl, which was inundated with images and solicitations from child abusers. Jurors found that Meta’s actions constituted a deliberate violation of state consumer protections laws. During deliberations, which began on Monday, the jury was tasked with determining whether Meta acted in bad faith. The verdict was announced after closing arguments, with Linda Singer, the attorney representing New Mexico, urging the jury to impose a penalty exceeding $2 billion. Meta’s spokesperson expressed disagreement with the ruling, stating the company would appeal. “We work hard to keep people safe on our platforms and are clear about the challenges of identifying and removing bad actors or harmful content,” the statement read. Torrez called the verdict a “historic victory” for children and families, emphasizing that Meta executives knew their products harmed minors and disregarded internal warnings. “Today the jury joined families, educators, and child safety experts in saying enough is enough,” he said. The case now moves to a second phase, where a judge will assess whether Meta created a public nuisance and should fund programs to address the alleged harms.#facebook #instagram #meta #new_mexico #raul_torrez
