- 24th July 2019
- Posted by: Hakeem
- Categories: Innovation, Technology
- The Federal Trade Commission announces a settlement with Facebook over the company’s privacy policies.
- The fine represents the largest ever imposed by the FTC against a tech company.
- The FTC began probing Facebook in March 2018 following reports that political consulting firm Cambridge Analytica had improperly accessed the data of 87 million Facebook users.
The Federal Trade Commission approved a record $5 billion settlement Wednesday with Facebook over the company’s privacy policies.
Shares of Facebook were down slightly following the announcement, but turned positive in the afternoon. The stock was up less than half a percent, adding more than $2 billion to its market cap to bring it around $580 billion.
The fine is the largest ever imposed by the FTC against a tech company. The previous high was a 2012 $22.5 million fine against Google for its privacy practices.