Facebook and Instagram owner Meta agreed to settle a lawsuit alleging its platforms harmfully addicted young people to social media for up to $16.7 billion on Wednesday, according to court filings.
Meta agreed to make changes to its products as part of the settlement agreement, including implementing a 2-hour daily limit for teens on its social media platforms.
"Ensuring teens have a safe and productive experience on our platforms is an absolute imperative for Meta," the company wrote in a blog post. "We want to get this right for parents and teens, and that's why we partnered with state attorneys general to set a new industry standard."
In the blog post, Meta said TikTok and YouTube should also implement restrictions for teens.
Meta's stock dipped by less than 1% immediately following news of the agreement.
The settlement allocates money to 47 states, the District of Columbia, and several American territories.
The federal judge overseeing the trial has not yet approved the settlement, though Meta and the plaintiffs have agreed to the terms.
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