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“Like” counts, for instance, have been part of Meta since its early years, when it was still called Facebook and that was its only platform.

Today, likes are omnipresent on social media platforms. It is the main way in which people engage with text, photos and videos they see online.

Yet, likes are increasingly viewed as a way to foster negative feelings, particularly among young people.

Kaley, a young woman who prevailed in her lawsuit against Meta earlier this year, described during court testimony how she created dozens of accounts on YouTube and Instagram.

She would use the system of accounts to create likes on her own posts, hoping to drive engagement with other users and her own feelings of validation and self-worth. Kaley was only nine years old at the time. She said she remembered feeling depressed, something she was later diagnosed with, aged 10.

Research over the last several years has shown that engagement metrics such as like counts can drive feelings of rejection and depression, external in teenagers.

In the states’ lawsuit against Meta, in which the company said it has handed over more than 2 million documents, lawyers pointed to Meta’s own research that showed like counts drove “social comparison”, or the mental act of marking one’s self worth against images of someone else.

That social comparison driven by Instagram was linked to “increased loneliness, worse body image, and negative mood or affect”, according to Meta’s internal research.

As Judge Biedscheid put it in his order, external, which was the first time a social media company has been deemed a “public nuisance”, the way Meta’s platforms have operated for over a decade has been part of a growing “youth mental health crisis” in New Mexico and elsewhere.

Now, attorneys from 30 more states will be pushing Judge Gonzalez Rogers to reach the same conclusion.

But Ferrari’s shares dropped the day after the Luce’s launch, following backlash over the car.

Amongst those criticising teh car were Italy’s deputy prime minister Matteo Salvini and former Ferrari chairman Luca Cordero di Montezemolo, who said the car was “risking the destruction of a legend”.

Ferrari’s chief design officer Flavio Manzoni said in an interview in May that critics are part of the innovation process and that he believed people would come to appreciate the Luce.

The company has not disclosed its target for Luce sales but, according to a Financial Times report, it has hit this year’s goal thanks to strong demand from China.

Ferrari did not respond to a BBC request for comment on the FT’s report,

Sotheby’s said in a statement, external that the auctioned vehicle marked an “unbeatable opportunity” to own the first production car of the Luce.

The car has special wheels, customised brakes and an exclusive white finish.

The charity sale marks a “tangible expression of innovation, responsibility, and long-term vision for future generations,” Sotheby’s said.

Ferraris often attract some of the highest prices at car auctions.

A bespoke Ferrari Daytona SP3 supercar raised $26m for the carmaker’s education initiatives at an auction in 2025. At the time it set an auction record for the highest-price paid for a new car.

The current record for the highest price paid at auction was an ultra-rare 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupé, which was sold for $142m in 2022.

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in COF.PR.I over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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ET Intelligence Group: Horizon Industrial Parks, a logistics infrastructure developer, plans to raise ₹2,600 crore through a fresh issue to repay debt and general corporate purposes. The promoter group’s stake will fall to 75.4% after the IPO from 88.7%. The company develops and leases large warehouses and industrial facilities. Top four cities contribute about four-fifth to the total revenue. Nearly 43% of the revenue comes from top 10 customers. The company is yet to record profits. After the IPO, debt is expected to reduce significantly. Given the growth prospects for the sector and expected deleveraging, investors with a high-risk appetite may consider the issue from a long-term perspective.

Business

Incorporated in 2009, Horizon Industrial Parks is the country’s largest industrial and logistics infrastructure developer, owner and operator by total network, according to Jones Lang LaSalle Property Consultants (India). It also offers turnkey solutions, solar energy solutions, cold storage facilities, and on-site staff accommodation. It owns 45 logistics and industrial assets across 10 major Indian cities, totalling 58.6 million square feet. It offers three core asset categories such as fulfilment centres for warehousing and logistics operations, industrial facilities for manufacturing and industrial occupiers, and in-city centres catering to urban distribution and last-mile logistics needs.

Read more | IPO rush: 5 companies to raise Rs 5,499 crore next week; Shiprocket, 4 others to list

Financials
Revenue from operations rose 73.8% annually to ₹691.4 crore and operating profit before interest, tax, depreciation and amortization (EBITDA) grew 100.3% annually to ₹607.8 crore between FY24 and FY26. EBITDA margin expanded to 79.2% in FY26 from 61.7% in FY24. In FY26, revenue grew 77.1% and EBITDA jumped 79.2% on a year-on-year basis. Cash flow from operations nearly doubled to ₹464.1 crore in FY26 from ₹119.3 crore in FY24. The company’s net loss widened to ₹203.6 crore in FY26 from ₹162.2 crore in FY24. The profitability is expected to improve after repayment of debt. Finance cost as a percentage of revenue reduced to 78% in FY26 from 92.1% in FY24. Interest outgo relative to EBIT was 89% in FY26 compared with 139% in FY24.Valuation

The company does not have any direct peers listed in India. Price-to-earnings multiple will not help since the company is yet to record profits. The price-to-sales (P/S) multiple works out to 25. The enterprise value (EV)-to-Ebitda multiple moderated to 38.7 times in FY26 from 137.4 times in FY24 though net debt nearly doubled to ₹6,246.5 crore from ₹3,524.6 crore. The softening in the multiple implies that higher borrowings resulted in incremental operating profit during the period.