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Meta Investors, Mark Zuckerberg Reach Settlement To End $8 Billion Trial Over Facebook Privacy Litigation

2 weeks 4 days ago
An anonymous reader quotes a report from NBC News: Mark Zuckerberg and current and former directors and officers of Meta Platforms agreed on Thursday to settle claims seeking $8 billion for the damage they allegedly caused the company by allowing repeated violations of Facebook users' privacy, a lawyer for the shareholders told a Delaware judge on Thursday. The parties did not disclose details of the settlement and defense lawyers did not address the judge, Kathaleen McCormick of the Delaware Court of Chancery. McCormick adjourned the trial just as it was to enter its second day and she congratulated the parties. The plaintiffs' lawyer, Sam Closic, said the agreement just came together quickly. Billionaire venture capitalist Marc Andreessen, who is a defendant in the trial and a Meta director, was scheduled to testify on Thursday. Shareholders of Meta sued Zuckerberg, Andreessen and other former company officials including former Chief Operating Officer Sheryl Sandberg in hopes of holding them liable for billions of dollars in fines and legal costs the company paid in recent years. The Federal Trade Commission fined Facebook $5 billion in 2019 after finding that it failed to comply with a 2012 agreement with the regulator to protect users' data. The shareholders wanted the 11 defendants to use their personal wealth to reimburse the company. The defendants denied the allegations, which they called "extreme claims." "This settlement may bring relief to the parties involved, but it's a missed opportunity for public accountability," said Jason Kint, the head of Digital Content Next, a trade group for content providers. "Facebook has successfully remade the 'Cambridge Analytica' scandal about a few bad actors rather than an unraveling of its entire business model of surveillance capitalism and the reciprocal, unbridled sharing of personal data. That reckoning is now left unresolved."

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Robinhood CEO Says Majority of Company's New Code Written by AI

2 weeks 4 days ago
Robinhood CEO Vlad Tenev has said that the majority of his company's new code is written by AI, with "close to 100%" of engineers using AI code editors. Speaking on the 20VC podcast, Tenev estimated around 50% of new code at the trading platform is AI-generated. Tenev said the 50% figure is imprecise due to advanced "agentic" code editors that have made it difficult to distinguish human-written from AI-generated code. The company has progressed from GitHub Copilot to Cursor and now Windsurf, where "nearly all of the code is written by AI," he said. Tenev estimated only a "minority" of new code at Robinhood is written by humans.

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