Meta's $8 Billion Legal Battle: Investors Take on Zuckerberg

A high-stakes legal clash commenced this week as investors launched an USD 8 billion class action lawsuit against Meta CEO Mark Zuckerberg and key executives. Accusations arise from the infamous 2018 Cambridge Analytica scandal, where Facebook allegedly failed to disclose potential risks of user data exploitation to investors.

The lawsuit contends that Facebook, now part of Meta, habitually violated a 2012 consent order with the FTC. This order mandated the cessation of unauthorized data sharing, an obligation Facebook is accused of ignoring for commercial advantage, ultimately costing the company billions in penalties and settlements.

The trial unfolds with testimonies from privacy experts and former board members, including Jeffrey Zients, who affirms the challenging settlement decisions during his tenure. As the case progresses in Delaware Chancery Court, outcomes remain uncertain, but repercussions for Meta and its leadership could be profound.

(With inputs from agencies.)