Meta says it has agreed to pay US President Donald Trump $US25 million ($40 million) to settle a 2021 lawsuit he filed over the suspension of his Facebook and Instagram accounts after the January 6 riot at the Capitol.
The move was a significant concession by a major tech company and a victory for Trump, who had previously criticised social media platforms for censoring him but has lately wooed tech titans including Elon Musk and Mark Zuckerberg, Metaโs chief executive.
Donald Trump had the most followed account on Facebook when he was barred.Credit: Bloomberg
Zuckerberg has thrown his support behind Trump and has been remaking his company for the new administration. This month, Zuckerberg made sweeping policy changes to allow for more types of speech across Metaโs apps โ which include Facebook, Instagram, Threads and WhatsApp โ and eliminated diversity and inclusion initiatives across the company. In some cases, the changes have proved contentious to his workforce.
In a call with investors on Wednesday for Metaโs quarterly financial results, Zuckerberg praised the Trump administration for supporting American tech companies and โdefending our valuesโ.
He added that โthis is going to be a big year for redefining our relationships with governmentsโ.
Meta, which owns Facebook, Instagram, WhatsApp and other apps, posted a 21 per cent jump in revenue and a 49 per cent increase in profit for the fourth quarter, but gave a lighter-than-expected revenue forecast for the current quarter.
The revenue projection raised questions among investors, especially as Meta plans to increase its spending.
In December, ABC News agreed to pay $US15 million to settle a defamation lawsuit by Trump. ABC News agreed to donate the money to Trumpโs future presidential foundation and museum. The network and its star anchor, George Stephanopoulos, also published a statement saying they โregretโ remarks that were made about Trump during a televised interview in March.
Metaโs settlement with Trump follows similar terms. Roughly $US22 million will go toward funding Trumpโs presidential library, with the remaining $US3 million earmarked for Trumpโs legal fees and other plaintiffs who joined the lawsuit. Meta is not admitting wrongdoing as a part of the agreement.
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