High-Stakes Legal Battle: Meta Investors Take On Zuckerberg

An $8 billion lawsuit targets Meta CEO Mark Zuckerberg over the 2018 Cambridge Analytica privacy scandal. Investors claim Meta misled shareholders about privacy risks and violated an FTC consent order. The trial, featuring key witnesses, aims to hold company leaders accountable for substantial financial penalties and legal costs.

A high-stakes legal showdown commenced on Wednesday as Meta CEO Mark Zuckerberg, along with current and former company leaders, faces an $8 billion class action lawsuit from investors. Allegations stem from the notorious 2018 privacy debacle involving Cambridge Analytica.

Investors accuse Meta of inadequately disclosing risks tied to the misuse of Facebook users' personal data by Cambridge Analytica, instrumental in Donald Trump's 2016 campaign. Plaintiffs argue Facebook sidestepped a 2012 FTC consent decree, which forbade data sharing without user agreement, consequently paying significant regulatory fines and settling privacy lawsuits.

The trial will feature testimonies from Zuckerberg, Sheryl Sandberg, and other prominent figures, with proceedings taking place in Delaware Chancery Court. The Supreme Court previously dismissed Meta's attempt to halt the case, paving the way for the court battle that could carry lasting ramifications for the social media giant.

(With inputs from agencies.)