ΠΠ°ΠΊ , Facebook has reached an agreement with the US Federal Trade Commission (FTC) over repeated privacy violations. According to the publication, the FTC voted this week to approve the $5 billion settlement, and the case has now been referred to the Justice Department's civilian division for review. It is unclear how long this procedure will take.
ΠΈ later confirmed the information published by the journalists of The Wall Street Journal. Although representatives of Facebook have so far refused to comment on or confirm media publications.
The FTC reportedly voted along partisan lines, with three Republican commissioners voting in favor of settling the Facebook case and two Democratic commissioners opposing. In addition to the fine, the settlement would likely require the world's largest social network to meet a number of other conditions, but details are not yet known.
In April, Facebook said it set aside $3 billion for an expected FTC fine. The agreement with the FTC, details of which were first published in The Washington Post in February, will reportedly deal primarily with a privacy scandal in which millions of user data in 2018, and the endless series of subsequent hacks and leaks that have plagued Facebook.
In its recent quarterly earnings report, Facebook reported $15,1 billion in revenue, up 26% from the previous year. At that time, $3 billion was about 6% of the cash and securities held by Facebook. If the transaction is approved in its current form, the fine will be the largest in the history of the FTC (while the record belongs to Google, which paid $ 2012 million in 22,5).
Source: 3dnews.ru