'Unbelievable!' Rage erupts on MS NOW over Meta's 'peanuts' court settlement
Outrage erupted on MS NOW host Wednesday morning as news broke that social media giant Meta had been awarded a slap-on-the-wrist settlement agreement in its highly watched court case.
“Meta and a coalition of state attorneys general have settled a major federal trial centering on allegations that the social media giant misrepresented the extent of child-related mental health harms caused by apps like Facebook and Instagram,” CNBC reported early Wednesday morning.
In a case where experts agreed it could result in hundreds of billions being awarded, Meta is walking away with an agreement to pay a maximum $16.68 billion.
That led MS NOW’s Stephanie Ruhle to lose her cool and rail against the attorney generals she argued failed to do their jobs.
“If the company lost, Meta could have faced hundreds and hundreds of billions of dollars in damages,” she said.
“I get that on its face people are going to be like, wow, it could be $16 billion,” she explained. “$16 billion is not much. We thought it was going to be hundreds of billions."
Yale School of Management Dean Jeffrey Sonnenfeld was also appalled.
“It's unbelievable,” he blurted. “ This was, you know, a $1.4 trillion lawsuit that here you have 29 states, red states and blue states combined that — and it's being tried in Oakland, California, by a very good attorney general…somehow they've dropped the ball on this, because this was this was a home-court advantage for Rob Bonta, the attorney general, a Democrat, and, of course, California, a blue state.”
“This was a very favorable setting, and everybody was anticipating this is going to be billions of tens of billions of dollars, not this near 16 billion,” he continued. “It is a mere 16 — that's two weeks of revenues."
“That’s just peanuts!” Ruhle interjected.
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