Facebook set for Record $5bn Fine

US regulators have approved a record $5bn fine on Facebook to settle an investigation into data privacy violations, reports in US media say.

The Federal Trade Commission (FTC) has been investigating allegations that political consultancy Cambridge Analytica improperly obtained the data of up to 87 million Facebook users.

The settlement was approved by the FTC in a 3-2 vote, sources told US media.

The consumer protection agency began investigating Facebook in March 2018 following reports that Cambridge Analytica had accessed the data of tens of millions of its users.

The investigation focused on whether Facebook had violated a 2011 agreement under which it was required to clearly notify users and gain “express consent” to share their data.

The fine still needs to be finalised by the Justice Department’s civil division, and it is unclear how long this may take, the sources said.

If confirmed, it would be the largest fine ever levied by the FTC on a tech company.

However, the amount falls in line with estimates by Facebook, which earlier this year said it was expecting a fine of up to $5bn

Investors responded positively to the news, pushing Facebook shares up 1.8%.

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