financetom
Business
financetom
/
Business
/
Update: Meta Platforms, TikTok Owner ByteDance, Snap Face Lawsuit in Canada Over Alleged Addictive Products
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Update: Meta Platforms, TikTok Owner ByteDance, Snap Face Lawsuit in Canada Over Alleged Addictive Products
Mar 28, 2024 12:05 PM

02:40 PM EDT, 03/28/2024 (MT Newswires) -- (Updates with statement from Snapchat fourth paragraph onward)

Meta Platforms ( META ) , TikTok owner ByteDance, and Snapchat parent Snap (SNAP) are facing a lawsuit in the Ontario Superior Court of Justice in Canada over allegedly addictive products.

"Endemic social media use is causing an unprecedented youth mental health crisis," the Toronto District School Board said in its complaint filed Wednesday, according to media reports.

The damages being sought by school districts in Toronto, Ottawa, and the Peel Region total about 4.5 billion Canadian dollars, ($3.32 billion), the reports said.

A Snapchat spokesperson told MT Newswires the platform was designed to be different from traditional social media.

"While we will always have more work to do, we feel good about the role Snapchat plays in helping close friends feel connected," the spokesperson said.

Meta Platforms ( META ) and ByteDance did not immediately respond to requests for comment from MT Newswires.

Price: 487.68, Change: -6.18, Percent Change: -1.25

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
BRIEF-Everbright Digital Holding Ltd Files For IPO Of 1.5 Million Shares- SEC Filing
BRIEF-Everbright Digital Holding Ltd Files For IPO Of 1.5 Million Shares- SEC Filing
Feb 25, 2025
Feb 25 (Reuters) - Everbright Digital Holding Ltd: * EVERBRIGHT DIGITAL HOLDING LTD FILES FOR IPO OF 1.5 MILLION SHARES- SEC FILING * EVERBRIGHT DIGITAL HOLDING LTD - APPLIES TO LIST ON NASDAQ UNDER SYMBOL 'EDHL' * EVERBRIGHT DIGITAL HOLDING LTD - U.S. IPO PRICE RANGE EXPECTED BETWEEN $4.00 AND $5.00 PER SHARE * EVERBRIGHT DIGITAL HOLDING LTD: DOMINARI SECURITIES...
Vertiv Stock Drop Overdone as AI Infrastructure Fears Weigh, UBS Says
Vertiv Stock Drop Overdone as AI Infrastructure Fears Weigh, UBS Says
Feb 25, 2025
11:27 AM EST, 02/25/2025 (MT Newswires) -- Vertiv ( VRT ) shares have sharply declined in recent weeks amid concerns over potential reductions in AI infrastructure spending, but the market reaction appears excessive, UBS Securities said in a note emailed Tuesday. Our conclusion is the recent sell-off is way overdone, as it implies >30% reduction in data center capacity growth...
Trump says he wants Keystone XL oil Pipeline to be built
Trump says he wants Keystone XL oil Pipeline to be built
Feb 25, 2025
* Trump pledges easy approval for Keystone XL pipeline * TC Energy ( TRP ) spun off oil pipeline business into South Bow Energy * South Bow ( SOBO ) says has moved on from the project (Adds to Feb 24 story a statement from South Bow ( SOBO ) in paragraphs 3, 7) By Kanishka Singh WASHINGTON, Feb 24...
Update: Sempra Shares Slump on Q4 Earnings, Revenue Miss, 2025 EPS Guidance Cut
Update: Sempra Shares Slump on Q4 Earnings, Revenue Miss, 2025 EPS Guidance Cut
Feb 25, 2025
11:27 AM EST, 02/25/2025 (MT Newswires) -- (Updates with the stock price movement in the headline and first paragraph.) Sempra ( SRE ) shares slumped 23% in recent trading Tuesday after the company reported Q4 earnings and revenue that missed estimates by analyst while cutting 2025 EPS guidance. Adjusted Q4 earnings rose to $1.50 per diluted share from $1.13 a...
Copyright 2023-2026 - www.financetom.com All Rights Reserved