Advertisements
<pre><pre>Facebook reportedly reaches a $ 5 billion settlement with the Federal Trade Commission

Facebook has reportedly reached a settlement with the Federal Trade Commission on repeated privacy violations, The Wall Street Journal reports. According to the diary, the FTC voted this week to approve a settlement of $ 5 billion, which has now been moved to the civil department of the Justice Department for review. It is unclear how long the assessment will take.

Advertisements

A Facebook spokesperson declined to comment or confirm the report.

The diary reported that the FTC voted along party lines, with three Republican commissioners voting for the settlement and two Democratic commissioners voting against. Apart from the fine, it is unclear what the regulation needs from Facebook.

In April, Facebook said it had reserved $ 3 billion as part of an expected FTC fine. The settlement, the details of which were first indicated by The Washington Post in February, is expected to relate primarily to the Cambridge Analytica privacy scandal of 2018, as well as to the seemingly endless series of consecutive violations and leaks that have struck Facebook hard in recent months.

In his most recent quarterly results report, Facebook reported $ 15.1 billion in revenue, 26 percent more than the year before. At the time, $ 3 billion represented around 6 percent of the cash and marketable securities that Facebook had available.

Assuming the settlement was approved, the fine would be the largest in the history of the FTC. (The current record is a fine of $ 22.5 million against Google from 2012.) At the same time, it would even be unlikely that even $ 5 billion would fade on Facebook, who reported record profits this year.