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

The FTC has been looking into whether Facebook violated a legal agreement it had with the US government to keep its users’ data private.

Angela Lang/Techhnews

The Federal Trade Commission is expected to hit Facebook with a record-setting $5 billion fine for its alleged privacy mishaps. 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 Republican majority was in favor of the settlement, which still has to be finalized by the US Justice Department’s civil division. The penalty against Facebook would be larger than the record-setting $22.5 million the FTC imposed on Google in 2012.

The FTC started investigating Facebook last year after revelations surfaced that Cambridge Analytica, a UK political consultancy, accessed data from up to 87 million Facebook users without their permission. The agency is looking into whether Facebook violated a legal agreement it had with the US government to keep its users’ data private.

The FTC and Facebook declined to comment.

The fine would be a fraction of the billions of dollars Facebook makes from advertising every year. For the first quarter of 2019, Facebook reported $15.08 billion in sales.

Source link

Leave a Reply

Subscribe to our newsletter

Join our monthly newsletter and never miss out on new stories and promotions.
Techhnews will use the information you provide on this form to be in touch with you and to provide updates and marketing.

You can change your mind at any time by clicking the unsubscribe link in the footer of any email you receive from us, or by contacting us at newsletter@techhnews.com. We will treat your information with respect.

%d bloggers like this: