What to expect from potential $META settlement with the states: States know that they can’t get the $200 billion they ask. In July, a Florida teenager dropped an addiction lawsuit against $META without any payments. Last week another teen from New Jersey dropped her addiction case without any payments. States likely started to think they may not get anything at all out of these cases so they now want to settle to get at least something. In a realistic scenario where $META lost, realistic estimate of its total liability would be between $20-$40 billion as the US courts have historically awarded around 2% of the statutory maximum or 20% of the ask in cases where they face enormous maximums that could endanger the business environment. So, obviously any settlement should be way below that amount. If the settlement happens, I expect the final number to be around $10 billion. It doesn’t lead to a material change in $META’s terminal value and the stock will likely have some relief rally.