Meta Platforms Stock News

Texas Sues Facebook For Hundreds Of Billions Of Dollars For Abusing Facial Recognition Tools Users of Meta Platform''s popular social media ecosystems like Facebook and Instagram will likely remember how the company abandoned its facial recognition tools on the apps back in November. The feature scraped visual data from the platform to identify people in newly posted photos, and abandoning it dramatically reshaped Meta''s attempt to retool its platforms, including plans to launch a child-only iteration of Instagram that would have functioned as a separate platform. But the company''s plans to abandon these controversial tools didn''t go far enough, and now the Texas AG is suing the tech behemoth for hundreds of billions of dollars for flagrantly violating the state''s laws surrounding data privacy: WSJ reported Monday morning that Texas''s attorney general has filed a lawsuit against Meta in state district court for illegally collecting metadata belonging to Texans using its facial recognition tools.

The Nigerian Exchange Group (NGX) wants to launch a Nasdaq-style board where technology companies are the focus, but this may be a hard sell for investors who are not patient with early-stage companies. Earlier this month, Temi Popoola, managing director, NGX, said the NGX will launch a technology board this year that will attract technology companies. “We believe that listing more tech companies should attract more capital into Nigeria, including Nigerians in the diaspora, foreign investors and local investors as well. It would also help them achieve the fundamental responsibility of improving the economy by driving capital from surplus places to sectors that need it,” Popoola said. The Nasdaq platform is an American stock exchange based in New York City. It has a high concentration of companies in the technology sector and is often considered to be a good barometer of how well the tech market is performing. The tech-heavy company consists of 3,097 listed securities as of April 2021, including the likes of Apple, Microsoft, Alphabet, Amazon, Facebook and Tesla.

Texas AG Ken Paxton said the company''s capture of facial geometry in photographs that users uploaded between the years of 2010 to late 2021 resulted in ''tens of millions of violations'' of Texas law.

Today is Monday. Welcome to Hillicon Valley, detailing all you need to know about tech and cyber news from Capitol Hill to Silicon Valley. Subscribe here: thehill.com/newsletter-signup. Follow The Hill’s tech team, Chris Mills Rodrigo (@…

Facebook should have obtained users'' consent before identifying them in photos, according to the suit.

The lawsuit adds to Meta’s legal battles as local and national regulators take aim at large tech companies for their dominance and practices.

Texas suing Facebook parent Meta today, accusing it of illegally collecting facial recognition data without consent. We have Facebook’s response. The Heritage foundation says Amercia’s economic freedom is eroding. We ask it why. The biggest deal ever in the semiconductor industry, chip giant AMD buying up Xilinx in a 50 billion dollar deal. We visit […]

Facebook Inc and its lawyers at Gibson, Dunn & Crutcher are learning the hard way that fierce litigation tactics can provoke equally fierce blowback.

The attorney generals office in the southern US state claims that Facebook violated users privacy rights A lawsuit was filed against Facebook, which changed its company name to Meta last year, on Monday by the Texas attorney generals office, alleging the social media corporation violated state privacy rights with facial recognition technology. Texas Attorney General

The attorney generals office in the southern US state claims that Facebook violated users privacy rights A lawsuit was filed against Facebook, which changed its company name to Meta last year, on Monday by the Texas attorney generals office, alleging the social media corporation violated state privacy rights with facial recognition technology. Texas Attorney General Ken Paxton filed the lawsuit in a state district court in Marshall, seeking hundreds of billions in civic damages, according to the Wall Street Journal. In a statement on the suit, Paxton accused the social media giant of harvesting Texans most personal information through facial recognition software it used from 2010 through last year for corporate profit. The software would scan and store facial recognition data from users photographs. READ MORE: Meta to install controversial sea-floor cable Texas law has prohibited such harvesting without informed consent for over 20 years. While ordinary Texans have been using Facebook to innocently share photos of loved ones with friends and family, we now know that Facebook has been brazenly ignoring Texas law for the last decade, Paxton said.

Investor Leon Cooperman divests his stake in Alibaba Group (BABA), Meta (FB) and Paysafe (PSFE) during the last quarter of 2021, according to his latest 13F filing.Adds Mirion

Texas is suing Facebook''s parent company, Meta (FB), over allegations the social media giant illegally harvested the facial recognition data of tens of millions of state residents for a decade.

Texas''s attorney general has accused Facebook''s parent of unlawfully collecting biometric data for commercial reasons.

The former Facebook now trades for 17 times projected 2022 earnings—less than its megacap peers.

Texas Attorney General Ken Paxton filed a lawsuit against Facebook (now known as Meta) this week over the company''s use of facial recognition technology in "secretly harvesting Texans'' most personal information," which Paxton says is in violation of the state''s privacy protections.