Facebook will reportedly be fined a record $5 billion over privacy mishaps

13 Juillet, 2019, 01:10 | Auteur: Auguste Feret
  • The FTC has voted to approve a fine of about US$5 billion for Facebook over privacy violations the Wall Street Journal reported today

The probe has focused on whether the sharing of data and other disputes violated a 2011 consent agreement between Facebook and the regulator.

The U.S. Federal Trade Commission approved a roughly $5 billion settlement with Facebook Inc (FB.O) this week over its investigation into the social media company's handling of user data, a source familiar with the situation said on Friday. The Wall Street Journal, citing people familiar with the matter, reported Friday that commissioners voted 3-2 this week along party lines to approve the settlement with the social network.

The settlement still needs to be finalized by the Justice Department's Civil Division and a final announcement could come as early as next week, the source said. The penalty against Facebook would be larger than the record-setting $22.5 million the FTC imposed on Google in 2012.

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The FTC started investigating Facebook past year after revelations surfaced that Cambridge Analytica, a United Kingdom political consultancy, accessed data from up to 87 million Facebook users without their permission.

The FTC and Facebook declined to comment.

With Facebook having reported $15 billion in revenue last quarter, the $5 billion fine would amount to one month's worth of revenue.

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