Meta, the parent company of Facebook will pay President Donald Trump of $25 million for banning his Facebook and Instagram accounts.
This comes as a settlement for a lawsuit he filed against Meta.
In 2021, Trump filed a lawsuit against Meta for suspending his Facebook and Instagram accounts after the January 6 riot at the Capitol.
The move marks a significant concession by a major tech company and a victory for Trump, who had previously criticized social media platforms for censoring him but has recently courted tech titans including Elon Musk and Mark Zuckerberg, Meta’s chief executive.
Zuckerberg has thrown his support behind Trump and has been reshaping his company for the new administration.
In a call with investors on Wednesday for Meta’s quarterly financial results, Meta’s Chief Executive, Mark Zuckerberg, praised Trump’s administration for supporting American tech companies and “defending our values.”
He added, “This is going to be a big year for redefining our relationships with governments.”
Meta, which owns Facebook, Instagram, WhatsApp, and other apps, posted a 21 percent jump in revenue and a 49 percent increase in profit for the fourth quarter, but gave a lighter-than-expected revenue forecast for the current quarter.
The Wall Street Journal reported that Meta’s settlement with Trump followed similar terms, with roughly $22 million going toward funding Trump’s presidential library, and the remaining $3 million earmarked for Trump’s legal fees and other plaintiffs who joined the lawsuit.
Meta is not admitting wrongdoing as part of the agreement, which was earlier reported by the WSJ.
