Facebook will be fined $ 5 billion in the United States after ongoing investigations regarding poor privacy practices.
The Federal Trade Commission (FTC) in the country chose 3: 2 to approve a $ 5 billion settlement with Facebook to end the investigation into the company's privacy practices. This amount is the biggest penalty ever assessed against technology companies that violated past promises to the government to improve their privacy practices.
Follow the vote of approval, this issue will go to the US Department of Justice to complete the settlement. There is a possibility of penalties being rejected but this is reported to be rare.
Said the former director of the FTC Consumer Protection Bureau:
This is a considerable amount of money, and sets the baseline [for] Google and Microsoft and Apple and the world Twitter.
Matt Stoller, a colleague at the Open Markets Institute who specializes in monopoly power, says the fine is not significant at all and is equivalent to parking tickets for social media giants:
This is okay, this is help for Facebook, parking tickets that will clean them up to make more illegal and invasive surveillance. The Congress must start defeating the FTC and transfer the money to state law enforcers such as Karl Racine who believe in law enforcement.
The news sent the company's share price jumping more than 1%. Facebook has revenues of more than $ 15 billion in the first three months of 2019.-Washington Post, Guardian