Key facts: Tiger Global Cuts META Stake 45.4%; META in Australian Probe

A coalition of US states will seek about $193 billion to $200 billion in damages from Meta in a trial starting Aug. 18 in Oakland, alleging Facebook and Instagram were designed to be addictive for children. Meta says penalties could reach $1.4 trillion and disputes the claims. A verdict is expected in early October.

A New Mexico judge, according to the court, ordered Meta Platforms to pay $567 million into a state abatement fund for youth mental health impacts, after a non-jury trial finding Meta a public nuisance. The ruling follows a March jury finding of 75,000 Unfair Practices Act violations and a $375 million penalty. Meta says it will appeal and the court denied a Section 230 dismissal motion.

TerraPower said it selected Hyundai Engineering and Construction as EPC for up to eight 345 MW Natrium reactor and energy storage plants, with Meta funding and initial deliveries as early as 2032. TerraPower also signed a term sheet with SK Innovation to pursue Korea’s first commercial Natrium plant. Separately, the DOE plans to award X-energy $1B for four 80 MW HTGRs at Dow’s Texas site.

California Attorney General Rob Bonta asked a federal judge to deny Meta Platforms, Google, and TikTok’s request to block enforcement of California’s 2024 SB976, which restricts algorithmic recommendations to minors without parental consent. Bonta said nothing changed since an earlier ruling and argued the platforms failed to show likely success or irreparable harm.

Meta said on Aug. 12, 2026 it removed 756,000 Facebook and Instagram accounts of Australians under 16 during the prior seven months, citing compliance with Australia’s social media age ban. Meta attributed detection to AI and post-sign-up behavioral and content signals, not sign-up age verification. Australia’s eSafety Commissioner reported 81.5% of under-16s still used restricted platforms three months after the ban. A Senate review may double penalties to A$99m.

Meta agreed to acquire Chinese AI startup Manus, but Chinese regulators investigated and blocked the deal in April, citing possible violations of export controls. Manus said it will operate independently and must delete some user data collected while under Meta. The reversal highlights US-China regulatory friction around AI.