Meta hit with $25 billion penalty for misleading Facebook users

A New Mexico judge ordered Meta to pay $25 billion in penalties Wednesday after a jury found in September that the social media giant misled users about their data privacy.Why it matters: The penalties come nearly a decade after the Cambridge Analytica scandal first broke and signal that Big Tech can face significant financial consequences for misleading users about their privacy.Driving the news: Judge Francis Mathew determined the penalty amount Wednesday, handing New Mexico a win as the only state that chose not to settle its claims as part of a nationwide legal battle.Meta did not immediately respond to Axios' request for comment. The company has previously said it expects to appeal the decision.Catch up quick: The suit followed reporting that revealed data firm Cambridge Analytica had harvested data from more than 50 million Facebook users to craft political ads during the 2016 election.This is a breaking news story and will be updated.