Meta agreed to pay out more than $17 billion and must implement significant safety features to protect children on Instagram and Facebook as part of a new settlement with Illinois and dozens of other states announced Wednesday.

Gov. JB Pritzker signed sweeping regulations Friday aimed at social media companies and cracking down on “addictive algorithms” that keep kids glued to their screens.

An oversight board is criticizing Facebook owner Meta's policies regarding manipulated media as “incoherent" and insufficient to address the flood of online disinformation that already has begun to target elections across the globe this year.

The company faces challenges on multiple fronts, but it was a dismal earnings report Wednesday that triggered the sudden collapse in its share price.