July 15, 2019
The Federal Trade Commission (FTC) is taking steps to levy a $5-billion fine on Facebook, the largest given to a technology company. According to business media, the FTC voted to fine Facebook for privacy violations, and mishandling user data. While the long-anticipated punishment won’t make a dent in the social media giant’s bank account — this year’s earnings are expected to be in the range of approximately $69 billion — it will saddle the company with additional restrictions and scrutiny.
The case now moves to the Justice Department’s civil division, where it will be reviewed. It is expected that the fine will likely be approved.
Facebook hasn’t been taken by surprise with this potential fine. Media sources note that the company earmarked $3 billion for a potential fine, and indicated it anticipated having to pay up to $5 billion.
Pictured: Mark Zuckerberg, Founder and CEO of Facebook. Photo — By Frederic Legrand (Shutterstock)
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