🚀 Meta Settles $1.4B Texas Lawsuit

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Meta has agreed to a $1.4 billion settlement with the state of Texas over a lawsuit filed by Attorney General Ken Paxton regarding the unauthorized use of biometric data. The suit, initiated in February 2022, alleged that Meta used facial recognition software to collect and store biometric data from photos and videos uploaded by Texans on Facebook without obtaining the legally required permissions. This action, which began with the introduction of the “Tag Suggestions” feature in 2011, violated Texas' Capture or Use of Biometric Identifier Act. The settlement, which is the largest ever obtained by a single state, will be paid out over five years. Meta has expressed a commitment to future business investments in Texas. Meanwhile, Paxton's office continues to pursue a similar lawsuit against Alphabet for allegedly collecting biometric data illegally.

2. Delta Air Lines has enlisted high-profile attorney David Boies to pursue legal action against CrowdStrike and Microsoft for damages after an outage caused millions of computers to crash, leading to thousands of flight cancellations. CrowdStrike saw its value plummet by nearly 25% over two days following the incident. Delta aims to recover estimated losses of $350 million to $500 million and address over 176,000 refund requests resulting from nearly 7,000 canceled flights. Boies, renowned for his role in the U.S. government's antitrust case against Microsoft and the successful challenge to California's gay marriage ban, will spearhead Delta's legal efforts.

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4. Headlines

   1. Early research shows that GLP-1 drugs may slow the progression of Alzheimer’s.

   2. Bill Ackman has set a $2B fundraising target for Pershing Square USA’s IPO.

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