The United States Federal Trade Commission (FTC) has approved fining Facebook roughly $5 billion to settle an investigation that the company violated a privacy decree.
The $5 billion fine would be the largest ever levied by the FTC against a technology company, and the largest ever against any company for a privacy violation.
The FTC investigation began in March 2018 after revelations that up to 87 million users’ information was improperly shared with Cambridge Analytica, a political consulting firm.
Facebook had agreed under a 2012 consent decree stemming from a previous FTC investigation into privacy concerns to better protect user privacy. The investigation centered on whether this decree had been violated.
The justice department is expected make a final approval of the fine. Facebook earned approximately $15 billion in revenue last quarter alone.
Source: The Guardian