Podcasts · Patrick Boyle On Finance
The Social Reckoning That Wasn't
· 34 min · S6 E36
Episode The Social Reckoning That Wasn't
Last month Meta agreed to pay up to $18 billion dollars to settle claims that it knowingly harmed teenagers — a number the press immediately called Big Tech's "tobacco moment." Wall Street responded by sending the stock up.In this video I read the actual 130-page consent judgment so that you don't have to, and work out what Meta really bought for its money. It turns out the headline figure is worth about two days of revenue, the "new" safety rules are mostly settings Meta had already written for itself, and the fine print lands rather more heavily on TikTok than on Meta. We'll also get into why the attorneys general took the deal, what Meta was actually paying to make disappear, and why the real reckoning might end up happening in a cinema rather than a courtroom.Meta's Internal Research Website: https://metasinternalresearch.org/
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