People who used Facebook between 2007 and 2022 may be eligible to receive a cash payment after the tech giant agreed to pay $725 million in December to settle user data claims.
RBC Capital Markets managing director Brad Erickson discusses where Meta can find growth in the coming years.
The case sprang from 2018 revelations that Cambridge Analytica, a firm with ties to former President Trump's political strategist Steve Bannon, had paid a Facebook app developer for access to the personal information of about 87 million users of the platform. That data was then used to target U.S. voters during the 2016 campaign that culminated in Trump’s election as the 45th president.
said in a statement that it pursued a settlement because it was in the best interest of its community and shareholders. A final approval hearing is not scheduled until Sept. 7, and the eligible funds will not be released until after a court decides to approve the settlement.
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