Facebook Estimates FTC Fine Between $3 Billion and $5 Billion [TheStreet.com]
Meta Platforms, Inc. - Class A (FB)
Last meta platforms, inc. - class a earnings: 4/29 04:05 pm
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Source: TheStreet.com
Facebook Estimates FTC Fine Between $3 Billion and $5 Billion It looks likely that Facebook ( FB Get Report In Facebook's otherwise well-received earnings report, As part of a penalty related to its Cambridge Analytica scandal, however, Facebook has been negotiating a settlement with the FTC. Facebook wrote in the release that it estimates that penalty to fall into the range of $3 billion to $5 billion, but said the matter is still ongoing. The Cambridge Analaytica case involved a political consulting firm funded by right-wing contributors, including Trump adviser Steve Bannon, and hired by the Trump presidential campaign. The company gained access to personal data of 50 million Facebook users as a way to gain information to be used to influence voting patterns. Facebook set aside the low end of the range for accounting reasons, Facebook executives said, but it still impacted their margins for the quarter: "Excluding this expense, our operating margin would have been 20 percentage poi
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