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

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

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

The Federal Trade Commission is expected to hit Facebook with a record-setting $5 billion fine for its alleged privacy mishaps.

But it will not make much of a dent for Facebook, which had almost 56 billion dollars in revenue previous year.

According to Bloomberg, the settlement was approved by a 3-2 vote and is the largest privacy fine in the FTC's history.

Facebook has earmarked 3 billion dollars for a potential fine and said in April it was anticipating having to pay up to 5 billion dollars.

The FTC opened its Facebook probe in March 2018, following reports that Cambridge Analytica had hoovered up the personal data of almost 90 million Facebook users to better target them with political ads during the 2016 presidential election.

Kangana Ranaut calls Indian media ‘termites’, ‘traitors’ and ‘freeloaders’
While many people had been expecting an apology, the Queen star only added fuel to fire. Shraddha Kapoor was also banned by photographers when she refused to pose for them.

The divide between Republicans and Democrats on the matter was irked in large by the latter pushing for tougher oversight of Facebook in addition to the fine. The probe has focused on whether the sharing of data and other disputes violated a 2011 consent agreement between Facebook and the regulator.

It is not clear how long it will take to finalize.

Facebook declined to comment on the Journal's report of the FTC fine; the FTC did not immediately respond to messages for comment from the Associated Press.

Seven years prior, Facebook had reached a settlement with the FTC after it was accused of making data public that it had promised would be private. Nevertheless, its controls have remained leaky. Facebook acknowledged giving big tech companies like Amazon and Yahoo extensive access to users' personal data, in effect exempting them from its usual privacy rules. Around the time the news broke this afternoon, Facebook share prices jumped from around $202 per share to $205.27, its highest price in the past year, and the sort of spike that often signals confidence from Wall Street.

Facebook shares finished the day up 1.8 percent, at $204.87. The stock is up more than 50% since the beginning of the year.

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