Meta’s $25 Billion Bond Sale Highlights Shifting Landscape for Tech Debt, Bloomberg reports

Google, Meta, and TikTok sued California over AB 1709, a law restricting addictive social media features for children under 16. The companies argue it violates the First Amendment and conflicts with Section 230. The law targets personalized feeds, endless scrolling, and autoplay videos, requiring age verification. The state aims to protect children from exploitative features. The lawsuits are being reviewed by California's Attorney General. The law is set to take effect in 2027.

Meta priced $3.25B of 5.850% notes due 2031 at 110bps over Treasuries, with strong demand. CoreWeave's 2031 notes traded at 16.33% yield, 11.7bps over 5-year Treasuries. The yields reflect different credit risks and market conditions.

Google, Meta, and TikTok sued California in federal court to block a children's online safety bill set to take effect in 2027, arguing it violates free speech and federal law. The bill, signed by Gov. Newsom, aims to protect children under 16 from addictive social media features and AI chatbots. The companies seek an injunction, citing First Amendment and Section 230 concerns. Meta recently agreed to a $18B settlement over children's privacy but denies wrongdoing.

Meta, Google, and TikTok sued California to block a law banning addictive social media features for children under 16, arguing it violates First Amendment rights. The law, effective January 1, 2027, prohibits endless scrolling and personalized feeds, with penalties up to $50,000 per violation. The companies claim the law interferes with content moderation and conflicts with federal protections.

Meta Platforms filed a lawsuit in California to block a law banning personalized feeds and autoplay for users under 16, arguing it violates the First Amendment and is preempted by Section 230. The law, set to take effect January 1, 2027, could impose fines up to $50,000 per violation. Meta's case targets specific provisions of the law affecting Facebook, Instagram, and Threads.

Meta has indefinitely delayed its proposal to scrape websites of Meta Business account users, including news publishers, after facing backlash. The company cited ongoing consultations with stakeholders. Critics, including Sen. Adam Schiff and European press associations, argued the plan violated IP rights and EU laws. Meta's terms would have allowed it to use scraped content for AI training without compensation.