A California federal court has begun hearing a multistate lawsuit accusing Meta Platforms of designing Facebook and Instagram in ways that harmed teenagers. Meta has said potential civil penalties could reach $US1.4 trillion ($1.9 trillion), while state attorneys general have suggested the amount could be closer to $US200 billion ($282 billion). The case dates to a 2023 lawsuit that followed a multistate investigation into the apps’ impact on young users. In March, a Los Angeles jury ordered Meta and Google to pay $US6 million ($8.5 million) to a 20-year-old woman who said she became addicted to Instagram and YouTube as a child.

Anthropic’s annualized revenue run rate hit $65 billion at the end of July, a sevenfold increase from a year earlier. The company posted preliminary revenue of $11.5 billion in the second quarter, up 14fold from the same period a year earlier. The pace of growth outstrips rival OpenAI’s $40 billion run rate, positioning Anthropic ahead of a potentially large IPO.

MicroStrategy Executive Chairman Michael Saylor said share repurchases are not a current focus for Strategy, despite the company holding substantial cash. He added that the firm will prioritize other capital allocation options.

Ripple-owned fintech platform Ripple Prime has completed a $275 million upsized financing round. The offering was oversubscribed. Proceeds will be used mainly to support its business expansion in the U.S. market. The funding is aimed at further advancing institutional-grade financial infrastructure across the Ripple ecosystem.

Tether’s audit has renewed questions about what backs its reserves and how much of the balance sheet is made up of non-cash holdings. About 13% of reserves are held in volatile assets such as precious metals and BTC, while the remaining non-cash portion includes secured loans and other investments. Cash and cash equivalents are down by more than 10% compared with the period when the New York Attorney General was scrutinizing the company, and roughly 25% of the balance sheet is in assets that are not cash equivalents, raising concerns about potential solvency risk. The auditor’s accounting treatment for BTC and other crypto assets, as well as the cost of the audit, have also been questioned.

Ark Invest founder Cathie Wood has publicly backed a potential Solana ETF as SOL moved above a key multimonth resistance level. Several major issuers are accelerating Solana ETF filings, signaling that traditional finance is positioning Solana as the primary high-performance Layer 1 alternative to Ethereum. The developments add to signs of institutional rotation toward high-throughput blockchains.

Major U.S. stock indexes closed broadly lower, pressured by a selloff in semiconductor shares. The S&P 500 fell 0.61%, the Dow Jones Industrial Average slipped 0.10%, and the Nasdaq 100 dropped 1.76%. Equity futures also weakened, with E-mini S&P 500 futures down 0.68% and E-mini Nasdaq futures down 1.88%.

Jay Shree Tea promoter Jayashree Mohta bought 1.26 million shares in the open market in a deal worth about ₹111.8 million. The purchase lifted her direct stake from 3.83% to 8.20%. Including indirect holdings, her aggregate stake increased from 25.00% to 29.37%, underscoring the promoter’s confidence in the company’s outlook.