Meta Platforms shares fell 6% after third-quarter spending on artificial intelligence infrastructure pushed the company's free cash flow negative for the first time in years. Prices for Meta's five-year credit default swaps climbed to record highs as investors signaled growing concern over the company's debt risk.

Meta has been fined $25 billion over allegations that it lied to users about how it handled their personal data. BBC Business describes the penalty as the largest yet imposed on Facebook's parent company, surpassing an earlier $18 billion privacy settlement Meta reached with the state of California. Meta has not yet issued a public response.

Brazil's top electoral court gave Meta 24 hours to prove it treats campaign content from President Lula and Senator Flávio Bolsonaro equally, threatening daily fines before Sunday's tight presidential runoff.

Brazilian President Lula's re-election coalition has reported Meta to the United Nations, alleging the platform gave rival Senator Flávio Bolsonaro unfair treatment on Facebook, Instagram and WhatsApp. The coalition also asked prosecutors and federal police to investigate possible illegal campaign financing. Meta says the incidents were technical errors.