New Delhi, Aug. 26 -- Shares of Meta Platforms rebounded on Wednesday, 26 August, rising 4% to $593 apiece on the Nasdaq after the social media giant settled a major federal case and agreed to make significant changes to Facebook and Instagram.

Meta has agreed to pay $16.68 billion and introduce additional child-safety measures across its Facebook and Instagram platforms to end a landmark trial over teen social media addiction and settle claims filed by 47 states, AP reported, citing state attorneys general.

The settlement resolves claims brought by 29 US states, including California, Colorado, Kentucky and New Jersey, and will bring an end to a federal trial that had emerged as one of the highest-profile tests yet of allegations that s...