Tech titan Meta Platforms (META) has been accused of putting profits before the safety of children by New Mexico’s attorney general.
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Six Motions Against Meta
According to a report on the MLex website a half-dozen motions against the tech titan have been filed in a state court in Santa Fe by attorney general Raul Torrez.
New Mexico alleges that Meta slow-walked its removal of children under 13 from Facebook and Instagram, closed its eyes to the incidence of teen suicide and eating disorders on its platforms, and reneged on its promises to add safety programs to protect minors from child predators using encryption on its Messenger service.
“Meta engaged in deceptive practices by misrepresenting the safety of its platforms with respect to prohibiting and removing content that encourages, glorifies, displays graphic images of, or provides methods of suicide, self-injury (SSI), and eating disorders (ED),” the attorney general said.
He also stated that Meta knew teens’ developing brains diminished their capacity for sound judgment and emotional regulation, and that teens struggled to control their use of Meta’s platforms.” “In spite of this knowledge, Meta designed and implemented addictive platform features that exploited teens’ developmental vulnerabilities,” he said.
Surge in Suicides
The state said Meta had contributed to a surge in teen suicides and other mental health problems for teens in New Mexico, despite having knowledge that its “platforms harmed teens’ mental health and wellbeing.
“Meta chose to prioritize growth and profits over safety, taking advantage of New Mexico teens, parents, and the public,” the state said.
Meta is expected to file its own motion for summary judgment in the near future. A spokesman did not comment on the state’s claims.
Meta is facing similar questions in the U.S. with claims from school districts that its social apps have hurt student health. Back in October, a group of Italian families filed a lawsuit against Meta-owned Facebook and Instagram, as well as TikTok, for failing to enforce age restrictions and using addictive features that harm children’s mental health.
It is why legal and regulatory issues are seen as key risks for tech stocks such as Meta – see above.
Is META a Good Stock to Buy Now?
On TipRanks, META has a Strong Buy consensus based on 35 Buy, 6 Hold and 1 Sell ratings. Its highest price target is $1,117. META stock’s consensus price target is $838.14, implying a 32.28% upside.
