The U.S. Federal Trade Commission approved a roughly $5 billion settlement with ...
- The U.S. Federal Trade Commission approved a roughly $5 billion settlement with Facebook Inc this week over its investigation into the social media company’s handling of user data, a source familiar with the situation said on Friday.
The FTC is expected to include in the settlement other restrictions on how Facebook treats user privacy, according to the Wall Street Journal, which also said that the agency vote was along party lines, with three Republicans voting to approve it and two Democrats opposed.The FTC and Facebook declined to comment.
Facebook’s revenue for the first quarter of this year was $15.1 billion while its net income was $2.43 billion. It would have been higher, but Facebook set aside $3 billion for the FTC penalty. The Cambridge Analytica missteps, as well as anger over hate speech and misinformation on its platform, have also prompted calls from people ranging from presidential candidate Senator Elizabeth Warren to a Facebook co-founder, Chris Hughes, for the government to force the social media giant to sell Instagram, which it bought in 2012, and WhatsApp, purchased in 2014.
Small toy figures are seen in front of Facebook logo in this illustration picture, April 8, 2019. REUTERS/Dado Ruvic/Illustration
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The FTC has approved a $5 billion settlement with FacebookBREAKING: The FTC has approved a $5 billion settlement with Facebook
Read more »
Facebook stock moves higher after report of $5 billion FTC settlementFacebook Inc. shares moved to their highest prices of the day Friday afternoon after a report that the Federal Trade Commission voted to impose a record $5...
Read more »
Rough total for Trump's July Fourth extravaganza: $5.4MInterior Secretary David Bernhardt provided the latest share of costs, $2.45 million for his agency, in a letter to lawmakers, saying his agency pulled money from operating funds for national parks, recreation fees, and another source to help fund Trump&39;s Salute to America. The event included donated
Read more »
Trump's Salute to America cost DC, feds more than $5 millionPres. Trump's Fourth of July celebration cost the federal government and Washington, D.C., $5.35 million, according to an Interior Department letter released exclusively to ABC News.
Read more »
Why Facebook's stock jumped despite facing a record-breaking $5 billion FTC penalty: 'A slap on the wrist'Critics argue that Facebook is so vast, a $5 billion fine would not be nearly enough to slow it down.
Read more »