facebook ceo mark zuckerberg

Facebook’s stock rose around 1% after news broke that it is facing a record-breaking $1 billion penalty from the Federal Trade Commission.
Investors are breathing a collective sigh of relief that the settlement isn’t more serious.
Why? Facebook is absolutely vast, and makes three times the penalty in revenue every quarter.
Critics of the company have immediately accused the FTC’s decision of being inadequate.
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The Federal Trade Commission is gearing up to hit Facebook with a staggering, record-breaking $5 billion penalty.

Wall Street is viewing this as a good thing.

And the reason why speaks volumes about the sheer scale and power of Facebook today.

Some background: For the last year, the FTC has been investigating Facebook’s various privacy snafus. The agency started with a probe into whether Cambridge Analytica’s misappropriation of 87 million users’ data amounted to a breach of the company’s 2012 consent decree with it. It later expanded the inquiry to incorporate the California tech giant’s myriad other recent privacy scandals.

This process is now drawing to a close. According to multiple reports, the commission has agreed to a settlement that would include a fine of roughly $5 billion.

Read this: The …read more

Source:: Businessinsider – Politics


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