Meta has shown a questionable track record on user privacy. As a result, Meta Platforms shareholders are pursuing an $8 billion trial against Mark Zuckerberg and other current and former executives. Today, several executives, including Zuckerberg, will testify in the $8 billion trial at Delaware Chancery Court. The court will hear the trial without a jury.

Mark Zuckerberg and executives face $8 billion trial brought by Meta shareholders

This case dates back to 2018. It’s related to Cambridge Analytica, a political consulting firm active during Donald Trump’s 2016 presidential campaign, accessing data from millions of Facebook users.

Following this issue, the FTC fined Facebook $5 billion in 2018 for violating a 2012 agreement to protect user data. Meanwhile, shareholders demand $8 billion from the defendants to reimburse Meta for the FTC fine it paid and related legal costs.

Court filings show the defendants call the allegations “excessive.” Zuckerberg and others plan to present evidence proving that Cambridge Analytica misled them. For those who don’t know, the political consulting firm no longer operates.

In addition to Mark Zuckerberg, former COO Sheryl Sandberg, board member and venture capitalist Marc Andreessen, Palantir Technologies co-founder Peter Thiel, and Netflix co-founder Reed Hastings are all expected to testify in the case.

The claims of Meta shareholders are not limited to that

Meta shareholders claim Mark Zuckerberg predicted the tech company’s share price would drop after the Cambridge Analytica scandal. They also say Zuckerberg sold his shares and earned at least $1 billion from those sales. In short, allegations like these will put more pressure on Mark Zuckerberg than ever before.

However, shareholders say Zuckerberg did not trade on insider information and used a stock trading plan designed to prevent insider trading. Finally, the court’s presiding judge, Kathaleen McCormick, will decide on liability and compensation after the case concludes.
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Source: ndroidheadlines.com