Facebook Says it May Be Fined Up to $5 Billion in FTC Privacy Probe [Fortune]
Meta Platforms, Inc. - Class A (FB)
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Source: Fortune
Facebook Says it May Be Fined Up to $5 Billion in FTC Privacy Probe revealed the estimated fine—from $3 billion to $5 billion—as part of its first quarter earnings. But the actual amount is still unclear because the inquiry is still pending. “This matter is not resolved so the actual amount of payment remains uncertain,” Dave Wehner, ’s chief financial officer, said during a call with investors in which he declined to provide additional details. has been in the F.T.C.’s crosshairs for some time after a series of privacy missteps that tarnished the company’s reputation and sent its executives, led by CEO Mark Zuckerberg, scrambling to clean up the mess. The problems started last year after news leaked that Cambridge Analytica, a political data firm that harvested data from up to 87 million users to influence the 2016 U.S. presidential election. It continued with news that had suffered a major data breach. In part, the troubles could violate ’s 2011 agreement with the FTC that it w
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