A settlement only binds the relevant parties, but I don't think it's terribly conspiratorial to think the details of this settlement are an implicit threat to Meta's competitors. "Meta agrees to implement a one-hour limit, but only after Youtube and Tiktok do the same" sounds very much like Youtube and Tiktok had better fall in line if they don't want to get sued themselves.
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A settlement only binds the relevant parties, but I don't think it's terribly conspiratorial to think the details of this settlement are an implicit threat to Meta's competitors. "Meta agrees to implement a one-hour limit, but only after Youtube and Tiktok do the same" sounds very much like Youtube and Tiktok had better fall in line if they don't want to get sued themselves.