Meta Executives Reach Settlement in $8 Billion Lawsuit

Mark Zuckerberg, along with other current and former Meta executives, has settled a significant lawsuit filed by shareholders. The lawsuit sought $8 billion in damages, alleging harm to the company due to a privacy scandal involving Cambridge Analytica.

The Heart of the Controversy

The shareholders accused Zuckerberg, former COO Sheryl Sandberg, and others of intentionally violating a Federal Trade Commission (FTC) agreement. This violation involved the unauthorized sharing of user data with third-party applications, a breach that has stirred widespread concern over privacy and data protection.

Previous Penalties and Ongoing Repercussions

In 2019, Facebook was fined $5 billion by the FTC for failing to adhere to a 2012 agreement designed to safeguard user data. The scandal escalated when it was revealed that Cambridge Analytica, a British consulting firm, had harvested personal data from millions of Facebook users without their consent. This data was reportedly used to influence the 2016 U.S. presidential election in favor of Donald Trump.