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A child safety trial opening Tuesday in federal court is hammering Meta Platforms stock and pulling Pinterest and Snap down with it, even though neither faces the bench, as potential damages the company itself has flagged approach its entire market cap.
A federal appeals court just stripped away the legal shield that social media platforms have relied on for decades, and Snap is absorbing the first blow with thousands of lawsuits now cleared to proceed against it.
A U.S. appeals court on Monday allowed thousands of lawsuits to move forward against Meta Platforms, Alphabet's Google, ByteDance's TikTok, and other social media companies over claims they designed their products to be addictive to young users. The San Francisco-based 9th U.S. Circuit Court of Appeals rejected the companies’ bid to reverse a lower court’s ruling forcing them to face some 2,400 lawsuits over the claims filed in federal court. The companies, which also include Snap Inc's Snapchat, had argued that Section 230 of the Communications Decency Act of 1996 - which shields them from lawsuits over content posted by their users - also shields them from allegations that they failed to warn the public about the addictive nature of their platforms.
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