Santa Clara County Targets Meta Over Alleged Multi-Billion Scam Ad Revenue
Santa Clara County filed a lawsuit against Meta Platforms claiming the company enabled or profited from high‑risk scam ads on Facebook and Instagram, potentially totaling billions in annual revenue. The suit cites leaked internal documents and alleges Meta failed to remove scam ads, curbed anti-scam efforts to protect profits, allowed middlemen to sell ad accounts, targeted users who had clicked similar scams, and even that generative AI tools aided scam creators. Meta denies knowingly allowing fraud and says it fights scams. The county seeks restitution, civil penalties, and an injunction. The piece also notes that analysts currently rate META as a Strong Buy with a price target around $817.71, implying about 35-36% upside.