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

Cornelia Mascio
Luglio 13, 2019

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

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 FTC has been investigating allegations Facebook inappropriately shared information belonging to 87 million users with the now-defunct British political consulting firm Cambridge Analytica.

The FTC voted 3-2 to approve the settlement this week, with three yes votes from Republican commissioners and two no votes from Democrats, The Wall Street Journal reported today, citing anonymous sources.

The Republican majority was in favor of the settlement, which still has to be finalized by the US Justice Department's civil division.

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

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

The FTC and Facebook declined to comment.

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