Facebook has said it expects a fine of up to $5 billion from the Federal Trade Commission, which is investigating whether the social network violated its users' privacy.
In this March 29, 2018, file photo the logo for social media giant Facebook, appears on screens at the Nasdaq MarketSite, in New York's Times Square. Last Updated Wednesday, April 24, 2019 9:45PM EDT
The one-time charge slashed Facebook's first-quarter net income considerably, although revenue grew 26% in the period. The FTC has been looking into whether Facebook broke its own 2011 agreement promising to protect user privacy. Facebook has had several high-profile privacy lapses in the past couple of years. The FTC has been looking into Facebook's involvement with the data-mining firm Cambridge Analytica scandal since last March. That company accessed the data of as many as 87 million Facebook users without their consent.
In addition to the FTC investigation, Facebook faces several others in the U.S. and Europe, including one from the Irish Data Protection Commission , and others in Belgium and Germany . Ireland is Facebook's lead privacy regulator for Europe. The FTC is also reportedly looking into how it might hold CEO Mark Zuckerberg accountable for the company's privacy lapses.
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