‘Big Tobacco-like fears’ that wiped $20 billion from Mark Zuckerberg’s wealth in two days
Meta’s Mark Zuckerberg reportedly lost $20 billion in wealth in just two days last week. According to a report by the New York Post, his net worth plummeted to $182.5 billion Friday, March 27 – down $21 billion from the previous day “making him the biggest loser on the Forbes Real-Time Billionaires list”. The sharp decline in Zuckerberg’s wealth comes after a landmark verdict in New Mexico on March 26 that found the social media giant failing to protect kids from sexual predators, ordering it to pay $375 million in civil penalties. The verdict followed a six-week trial in which the state accused Meta, which owns Facebook and Instagram, of failing to protect minors from sexual abuse, online solicitation and human trafficking.
Meta found guilty of failing to protect child safety online
The lawsuit, originally filed in 2023, accused Meta and its CEO Mark Zuckerberg of failing to protect minors, with allegations that its algorithms directed harmful content toward younger users. The trial included testimony from about 40 witnesses, including whistleblowers, and reviewed hundreds of internal documents and reports. The case was heard in a Santa Fe court last week. The New Mexico jury found the social media giant liable for endangering children by exposing them to predators and harmful content on its platforms. Announcing a $375 million fine, attorney general Raul Torrez called the verdict a “historic victory,” alleging that Meta prioritised profits over the safety of children. He said company executives were aware of the risks but failed to act and misled the public.
Meta to challenge the ruling
Meta, however, said it disagrees with the ruling and plans to challenge it. The company said it continues to invest in safety measures and acknowledged the challenges of identifying harmful content and users.According to an AFP report, the second phase of the case is set to begin on May 4, where the court will consider additional penalties and possible changes to Meta’s platform and operations.
