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Home / Business / FTC to fine Facebook $ 5 billion for privacy lapses: WSJ

FTC to fine Facebook $ 5 billion for privacy lapses: WSJ



Facebook founder, chairman and CEO Mark Zuckerberg testifies before the House Energy and Commerce Committee in Rayburn House Office Building on Capitol Hill on April 11, 2018 in Washington, DC.

Yasin Ozturk | Anadolu Agency | Getty Images

The Federal Trade Commission approved a settlement of about $ 5 billion with Facebook over the company's 2018 Cambridge Analytica scandal, telling a person familiar with The Wall Street Journal case. Several other online stores reported separately the approval.

The fine represents the largest that the FTC has imposed on a technology company. Previously, the agency's biggest cure for a technology company came in 201

2 when Google agreed to pay a $ 22.5 million penalty for privacy practices. The fine would amount to approximately 9% of Facebook's 2018 revenue.

Facebook took a one-time $ 3 billion pending pending FTC fine in April under its first quarter results.

The FTC approved the settlement by a 3-2 vote along party lines with Republicans in favor and Democrats against, and will now be considered the Justice Department, the report said.

The FTC and Facebook refused to comment on CNBC.

The FTC began investigating Facebook in March 2018 following reports that the political consulting firm Cambridge Analytica had access to the data from 87 million Facebook users. The agency was concerned that Facebook had violated the terms of a 2011 deal, which meant that Facebook would provide users with very clear alerts when the data was shared with third parties.

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