Meta is facing a federal trial that could result in damages of up to $1.4 trillion, a figure that roughly matches the company's entire market cap.

The case, brought by a coalition of state attorneys general including California, Colorado, New Jersey, and Kentucky, alleges Meta knowingly designed addictive features on Facebook and Instagram that harmed children's mental health, and that it collected data on kids under 13 without parental consent, violating COPPA.

Opening arguments began August 18 in Oakland, with Mark Zuckerberg and Instagram CEO Adam Mosseri expected to testify. Meta argues the real exposure is closer to $200 billion. The trial is expected to run about seven weeks.