Meta wins major US antitrust case and won’t have to break off WhatsApp or Instagram

Mark Zuckerberg and other directors at Meta have agreed to a $190 million settlement in a shareholder privacy lawsuit. The case centers on allegations of mishandling user data and violating privacy rights, which has drawn significant scrutiny towards the company's practices.

Meta's CEO Mark Zuckerberg and other executives are set to pay $190 million as part of a privacy lawsuit settlement. The lawsuit, which has garnered significant attention, addresses allegations regarding the mishandling of user data and privacy violations. This settlement reflects ongoing concerns about privacy practices among major tech companies.

Goldman Sachs has warned that the increasing debt levels among major tech companies, including Amazon, Google, Meta, Microsoft, and Oracle, which have collectively taken on $121 billion in new debt this year, could heighten macroeconomic risks associated with the expansion of artificial intelligence. This amount is four times greater than the total debt incurred by these companies over the previous five years.

Yann Le Cun, a prominent figure in artificial intelligence and a key player at Meta for over a decade, is leaving the company. His departure follows disagreements with fellow engineers regarding the future of AI technology, particularly large language models like those used in ChatGPT.

Yann LeCun, a prominent figure in artificial intelligence and a key player at Meta, is set to leave the company to launch a new AI startup focused on Advanced Machine Intelligence. His departure follows over a decade of contributions to Meta, where he has been influential in shaping AI research and development.

Meta has achieved a significant victory against the Federal Trade Commission (FTC) in an antitrust case, which may influence investor perceptions of the social media landscape. The ruling suggests that Meta's acquisitions of Instagram and WhatsApp do not constitute monopoly power, allowing the company to maintain its current business structure without the threat of a breakup.

Cantor Fitzgerald has reduced its stock price target for Meta to $720, citing increased cloud costs as a significant factor. This adjustment reflects concerns about the company's financial outlook amidst rising operational expenses.

European markets stabilized on Wednesday morning after experiencing losses due to concerns that AI stocks may be overvalued. Investors are keenly awaiting the latest results from US chipmaker Nvidia, a key player in the AI sector. Additionally, Japanese media reported that China has suspended seafood imports from Japan amid diplomatic tensions. A US judge also ruled that Meta does not hold a monopoly.