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
Apr 1, 2024 9:33 AM

12:06 PM EDT, 04/01/2024 (MT Newswires) -- (Updates with statement from a TikTok spokesperson in the sixth paragraph.)

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.

"TikTok has industry-leading safeguards such as parental controls, an automatic 60-minute screen time limit for users under 18, age restrictions on features like push notifications, and more," a TikTok spokesperson told MT Newswires. "Our team of safety professionals continually evaluate emerging practices and insights to support teens' well-being."

Meta Platforms ( META ) did not immediately respond to a request for comment from MT Newswires.

Price: 489.05, Change: +3.47, Percent Change: +0.71

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 >
Interactive Brokers Q4: Earnings Beat Expectations, Customer Accounts And Trading Volume Soar
Interactive Brokers Q4: Earnings Beat Expectations, Customer Accounts And Trading Volume Soar
Jan 22, 2025
Interactive Brokers Group, Inc. ( IBKR ) shares are trading higher premarket on Wednesday after the company reported better-than-expected fourth-quarter results yesterday. Sales of $1.387 billion exceeded the consensus of $1.335 billion. Commission revenue rose 37% year-over-year to $477 million, led by higher trading volumes. Customer trading volume in options and stocks increased 32% and 65%, respectively, while customer futures volume fell 3% Y/Y. Net...
Market Chatter: TD Bank Plans to Sell $9 Billion in Mortgages to Comply With  US Asset Cap
Market Chatter: TD Bank Plans to Sell $9 Billion in Mortgages to Comply With US Asset Cap
Jan 22, 2025
07:21 AM EST, 01/22/2025 (MT Newswires) -- Toronto-Dominion Bank ( MLWIQXX ) is seeking to sell about $9 billion of residential mortgages to comply with an asset cap imposed by US regulators, Bloomberg News reported Wednesday, citing sources familiar with the matter. The cap is set at about $434 billion and is part of a settlement of almost $3.1 billion...
Teledyne Technologies Q4 Non-GAAP Earnings, Net Sales Rise; 2025 Outlook Issued
Teledyne Technologies Q4 Non-GAAP Earnings, Net Sales Rise; 2025 Outlook Issued
Jan 22, 2025
07:15 AM EST, 01/22/2025 (MT Newswires) -- Teledyne Technologies ( TDY ) reported Q4 non-GAAP earnings Wednesday of $5.52 per diluted share, up from $5.44 a year earlier. Analysts polled by FactSet expected $5.23. Net sales for the quarter ended Dec. 29 were $1.50 billion, compared with $1.43 billion a year earlier. Analysts surveyed by FactSet expected $1.45 billion. For...
TE Connectivity forecasts Q2 profit below expectations as demand uncertainty weighs
TE Connectivity forecasts Q2 profit below expectations as demand uncertainty weighs
Jan 22, 2025
Jan 22 (Reuters) - TE Connectivity ( TEL ) forecast second-quarter profit below analysts' expectations on Wednesday, as the sensor maker continues to face demand uncertainty in its largest division, the transportation unit. The transportation segment, which produces components for automotive technologies, saw sales decline by 6.3% to $2.24 billion, making up 58.4% of the total revenue for the quarter....
Copyright 2023-2025 - www.financetom.com All Rights Reserved