Facebook sets aside $3 billion ahead of record FTC fine over privacy violations [The Verge]
Meta Platforms, Inc. - Class A (FB)
Last meta platforms, inc. - class a earnings: 4/29 04:05 pm
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Source: The Verge
Facebook sets aside $3 billion ahead of record FTC fine over privacy violations ’s financial success continues unabated in the face of countless security and privacy scandals, including a potential record-setting Federal Trade Commission fine reported by The Washington Post Cambridge Analytica scandal that was revealed in March of last year seemingly never-ending series of subsequent breaches and leaks The company posted first quarter earnings today says it’s preparing to pay as much $5 billion in FTC fine “In the first quarter of 2019, we reasonably estimated a probable loss and recorded an accrual of $3.0 billion in connection with the inquiry of the FTC into our platform and user data practices, which accrual is included in accrued expenses and other current liabilities on our condensed consolidated balance sheet,” the company writes in its earnings statement. “We estimate that the range of loss in this matter is $3 billion to $5 billion. The matter remains unresolved, and there c
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