Meta, Google's $6 Million Loss In Social Media Trial Has Far-Reaching Implications, Says Gary Black As Mag 7 Stocks Underperform SPX

Benzinga_recent_news03-30

According to Gary Black, all Mag 7 stocks, including Meta and Alphabet, have lagged behind the S&P 500 this year. Black linked the recent underperformance of Meta and Alphabet to the jury’s decision, ...

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The jury found that the platforms’ design and operation were addictive, and the companies either knew or should have known about the potential risks to children.\nBlack draws parallels to the tobacco verdicts of the 1990s, suggesting that the $6 million verdict might be overturned on appeal due to potential judicial biases. He notes that while the plaintiff had a traumatic childhood, there was debate over whether social media was the main cause of her trauma.\nLooking ahead, Black speculates that META and GOOGL might implement age restrictions requiring government ID verification. Despite these challenges, Black believes both stocks are undervalued given their growth potential.\nIn a recent trial, the jury found that Meta and YouTube were negligent in purposefully designing addictive apps, particularly harmful to younger users. 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