TNB Tech Minute: Meta to Pay $942 Million in Social Media Harm Case

A New Mexico judge has ordered Meta Platforms to pay over $900 million in penalties related to child safety concerns, marking a significant increase in the costs associated with the landmark lawsuit. Meta is required to establish a $567 million abatement fund and pay civil penalties of $375 million. Additionally, they must implement safety measures such as hiding the number of likes on posts by default and informing users of platform risks. Meta has announced plans to appeal the ruling, amid facing numerous lawsuits alleging prioritization of growth over the safety of underage users.

South Korea's SK Hynix has approved a plan to invest approximately $38 billion to expand its semiconductor manufacturing capacity. The company intends to build two new fabrication plants as part of a longer-term strategy to meet the increasing demand driven by the AI industry. This investment highlights the ongoing global competition in the semiconductor market and South Korea's significant role in the sector.

Take Two Interactive Software posted an increase in sales during its first fiscal quarter, driven by popular titles like NBA 2K and Grand Theft Auto. However, the company experienced a widening loss of $34.1 million, partly due to the discontinuation of an unnamed pipeline project. Mobile spending decreased by 7%, contributing to a 1% drop in recurrent customer spending. The company is preparing for the upcoming launch of Grand Theft Auto 6 on November 19th.