Dorothy

Meta’s business model comes down to four simple “H” words, Megan O’Neill of the California AG’s office said in her opening statement, according to Bloomberg: “Hook the user, hold them for as long as they can, harvest their data, and then hide the truth.”

Interestingly - the eight-person jury hearing the case won't actually decide it. Rogers empaneled it in a purely advisory capacity, which is rare. The jurors will answer specific questions she selects, and she is free to disregard their findings entirely when she issues her ruling after the trial concludes in October, Reuters reports.

“You’re going to hear that Meta knew a lot about kids’ brains,” O’Neill said. This includes how they are constantly seeking rewards, how they are sensitive to social feedback and “how they are still developing their ability to control impulses the way adults do.”

Even more significant than any potential monetary penalty, however, is the possibility that Meta could be forced to make backend changes to its social media products, hurting its core advertising business. Algorithm changes "They're talking about eliminating things like infinite scroll [and] changing the algorithms. These are things that are key to how social media products work," Gil Luria, head of technology research at DA Davidson, told CNBC. "With infinite scroll, their ability to keep consumers in the application increased dramatically, and [that meant] they could sell a lot more ads." Options markets are pricing in a $30 move in Meta stock through the end of August, or about a 5% move, JJ Kinahan, senior vice president at Cboe Global Markets, told CNBC on Tuesday.

Meta and BlackRock’s $14bn data centre exposes lenders to insurance gap Investors in gigawatt-scale campuses face billions in underinsured risks as insurers balk at cost of full coverage

Good morning, Spirit Airlines may have gone bankrupt, but its data lives on. Google has reportedly purchased Spirit’s trove of operational and customer data as part of the carrier’s bankruptcy wind-down, scooping up years of booking patterns, pricing behavior, and customer service logs to help train its AI.

The trial stems from a lawsuit filed in 2023 by 30 US states, including California and New York, in which they claim numerous violations of federal and state privacy laws for children.