The Federal Trade Commission approved an approximately $5 billion settlement with Facebook over the company’s 2018 Cambridge Analytica scandal, a person familiar with the matter told The Wall Street Journal. Several other news outlets separately reported the approval.Keep in mind that Facebook could pay that fine every few months and still remain a rather profitable entity.
The fine represents the largest ever imposed by the FTC against a tech company. Previously, the agency’s largest fine against a tech company came in 2012 when Google agreed to pay a $22.5 million penalty due to its privacy practices. The fine would represent approximately 9% of Facebook’s 2018 revenue.
$5 billion isn't chump change, but it's not a huge hit for Facebook. To them, it'll be another cost of doing business.
$25 billion might have gotten their attention.
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