Facebook says settling FTC investigation could cost up to $5 billion [Los Angeles Times (CA)]
Meta Platforms, Inc. - Class A (FB)
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Source: Los Angeles Times
Facebook says settling FTC investigation could cost up to $5 billion Facebook Inc. estimated that it will cost as much as $5 billion to resolve a U.S. investigation into its privacy practices, as the social-media giant moves to put the fallout from the Cambridge Analytica scandal behind it. Facebook said Wednesday that it took a $3-billion charge related to the Federal Trade Commission investigation into whether the company violated a 2011 privacy settlement with the agency. “We estimate that the range of loss in this matter is $3 billion to $5 billion,” Facebook said. “The matter remains unresolved, and there can be no assurance as to the timing or the terms of any final outcome.” Settling with the FTC would resolve one of the biggest liabilities hanging over the company in the wake of news that data on tens of millions of users was obtained by now-defunct consulting firm Cambridge Analytica. An agreement with the agency could also impose changes to the company’s business practices.
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