Meta Faces Up to $1.4T Penalty in Landmark Case

The striking feature here is the sheer breadth of the possible penalty, from millions to over a trillion dollars, which turns a legal proceeding into an open-ended overhang on the equity. The market's reaction, with the stock lagging the S&P 500 since jury selection, suggests investors are repricing tail risk rather than any single expected outcome. The author's argument that the earnings multiple and advertising business, not the verdict, are what's actually mispriced is the more interesting thread: it implies the trial is a catalyst for a broader reassessment rather than the story itself. Whether that repricing holds once the judge rules is the open question.