US senators Hawley and Blumenthal call for investigation into Meta over alleged scam ads, estimating $16 billion revenue tied to illicit advertising. Meta denies claims, but senators cite easily accessible scam content on platforms. Concerns raised about deceptive political ads and lack of safety staffing. Regulatory scrutiny demanded as Americans lost $158 billion to scams last year.

Meta stock (META) closed at $613.05, up 3.16%, trading after hours at $614.02, up 0.16%, on NasdaqGS. Senators urge FTC and SEC to impose penalties on Meta if scam allegations are confirmed, including forced profit disgorgement and stricter oversight. Meta internally estimated $3.5 billion in revenue every six months from “higher risk” scam ads. Scam reports dropped 58% in past 18 months, but concerns remain about fraudulent ads proliferating on the platform.

Read more at NASDAQ MarketSite: US Senators Press FTC And SEC To Probe Meta Over Alleged Scam Ad Revenue