Facebook Scraps Instagram Kids Project For Now

Facebook Inc (NASDAQ:FB) would halt its Instagram for kids project development, Instagram head Adam Mosseri said in an interview on the Today Show Monday, the Wall Street Journal reports.
Facebook will reassess the project at a later date. Meanwhile, Instagram will continue to focus on teen safety and expanding parental supervision features for teens.
The project first announced in March received widespread opposition from lawmakers. Facebook also internally acknowledged Instagram's harmful impact on teenagers.
Facebook's global head of safety, Antigone Davis, will testify before the Senate on consumer protection on Thursday.
Price Action: FB shares traded lower by 0.84% at $350 in the premarket session on the last check Monday.