FTC Settles With Facebook for $5 Billion

Government restrictions will be also be tightened on Facebook’s privacy terms.

According to The Wall Street Journal, The Federal Trade Commission has approved a huge settlement with Facebook following the investigation into the company’s privacy violations. The settlement is approximately $5 billion. Another term of the settlement is that government restrictions will be tightened on Facebook’s privacy terms.

The FTC’s investigation started over a year ago when the personal data of millions of Facebook users inappropriately ended up with data firm Cambridge Analytica. Cambridge Analytica, which worked on Trump’s 2016 presidential campaign, shut down in 2018 after the Facebook scandal. Since the initial issue with Cambridge Analytica, Facebook has run into other privacy issues.

The record penalty for violating an FTC order was previously held by Google Inc. The company paid a $22.5 million fine in 2012.

Read the full story here.

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