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Meta fined $25bn for 'lies' over user data privacy

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Core Development: Meta fined $25bn for 'lies' over user data privacy
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Market & Financial Impact: The fine is the largest to date against Facebook's owner, larger than an $18bn deal with California.
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Actionable Insight: Monitor price volume action at market open; check key technical support/resistance levels.

A federal judge in New Mexico on Wednesday ordered Meta to pay $25bn (£18.6bn) following a two week trial earlier this year that found it had for years intentionally lied to the public about the way it handled and controlled Facebook user data.

"The lies extend beyond Facebook's data practices as well," the judge said. adding it went to "the heart of its core business practices."

The fine is the largest to date against Meta, which has either been fined or agreed to settle several other lawsuits this year, including an $18bn deal with California.

Communications between senior executives, including Mark Zuckerberg, were "designed to mislead the public," Judge Francis Mathew wrote in his order.

While the full amount of the penalty against Meta, based on thousands of violations of state law, was calculated as $219bn, Judge Mathew reduced the penalty to the $25bn fine.

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Official Publisher Attribution: This report is aggregated from Bloomberg. ZeroLive provides live aggregation, automated sentiment synthesis, and exchange disclosure monitoring for retail market participants.
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