Judge orders Meta to pay US$25 billion hours before earnings lift its stock
New Mexico lawyer Randi McGinn asked for between US$35bn and US$40bn at an October hearing, Reuters reported, while Meta urged a cap of US$3.45bn, arguing it does not sell user data and that the state had not proven any consumer was misled.
Chief legal officer CJ Mahoney said Meta will appeal.
“This ruling, and the Attorney General’s approach to this enforcement, makes it all but impossible to do business in the state of New Mexico,” Mahoney said in a statement carried by Reuters.
Attorney general Raúl Torrez told reporters in Albuquerque that the award will go into a fund for the state’s education system, the New York Times reported.
Gil Luria, head of technology research at DA Davidson & Co, told Reuters the ruling was costly but unlikely to affect the company’s value.
