Meta settles with states, sets new industry standards over child safety

Meta agreed to settle with U.S. states for up to $16.7 billion in a landmark deal over allegations Facebook and Instagram were designed in ways that harm children. The company is calling on its peers to sign on to the pact as well, saying it won't work unless they jointly line up behind broad reform. Why it matters: This is social media's version of the landmark 1990s tobacco settlement, a settlement that effectively reshapes the industry and the way young Americans experience some of their…