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Mark Zuckerberg is set to testify as the lead witness in an $8 billion shareholder lawsuit against Meta Platforms (META), alleging that he operated the company unlawfully, enabling extensive data harvesting without user consent. The suit, initiated by shareholders, claims violations of a 2012 FTC privacy agreement and seeks to recover a $5 billion fine related to the 2018 Cambridge Analytica scandal.
- The non-jury trial, beginning in the Delaware Court of Chancery, spans eight days and includes defendants like Sheryl Sandberg, Marc Andreessen, Peter Thiel, and Reed Hastings.
- Shareholders must prove the directors breached their oversight duties under Delaware law, which could set a precedent for corporate governance standards.
- Plaintiffs allege Zuckerberg profited $1 billion from stock sales ahead of the scandal.
The outcome could significantly impact Meta’s governance structure and future financial stability, with implications for director liability and corporate oversight in the tech industry.
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