Rhode Island Sues Meta Over Its Approach To Scam Ads

The UAE-led Operation Confrontation Ghost, involving 30 countries and 13 private partners, identified $39 billion in fraud-linked assets. The operation targeted AI-enabled fraud and digital platform scams, blocking 123.71 million fraud attempts and arresting 960 defendants. Recovery efforts are underway, but no total recovered amount was provided.

Meta's board plans to create a new class of non-voting stock to incentivize CEO Mark Zuckerberg to remain near headquarters. The $20 billion stock deal aims to retain his presence, deemed critical for the company's success. Zuckerberg's potential move was spurred by a proposed California billionaire tax. The strategy aligns with Meta's return-to-office mandate and the belief that in-person leadership enhances productivity and decision-making.

Meta's board agreed to allow Mark Zuckerberg to sell non-voting shares to cover a potential California wealth tax, ensuring his ownership stake. The tax, if passed, would levy a 5% one-time tax on billionaires' wealth. Zuckerberg committed to staying in California for eight years. Meta plans to use the new share class to raise capital for AI investments. Opponents of the tax warn it may drive wealthy residents out of the state.

Meta Platforms and other AI-related stocks fell sharply after Meta announced plans to issue new shares to fund AI spending, raising concerns about rising costs and uncertain returns. Meta's shares dropped 7%, Nvidia fell 4%, and Lam Research plummeted 12%. The Nasdaq composite lost 2.6%. Investors are worried about the financial burden of AI investments and potential dilution from stock sales.

Meta faces a $25 billion fine from New Mexico for violating privacy laws during the Cambridge Analytica scandal, according to the state's Department of Justice. The penalty follows a jury verdict citing 43.9 million violations of New Mexico's Unfair Practices Act. Meta has previously settled other related lawsuits for $725 million and $17 billion.

Rosenblatt Securities reiterated a Buy rating and $900 price target on Meta Platforms (META) after its stock fell following news of a potential capital raise. Meta's third-quarter 2026 results showed 26% revenue growth, but mixed overall. Analysts have mixed views, with some raising targets and others expressing caution.