Facebook Receives $5 Billion Fine by US Federal Trade Commission Over Privacy Violations.
Fackbook to pay $5 Billion in fines
Facebook has received a fine of $5 billion. This fine was given by The US Federal Trade Commission. The commission voted to approve this fine on the social network site over privacy violations. Critics argue that the penalty is too low.
The sanction comes after an FTC investigation was carried out. The allegations levied against Facebook was over Privacy Issues. Facebook was accused of inappropriately sharing the information of 87 million users. They did this with Cambridge Analytica.
Cambridge Analytica, a British political consulting firm is now closed. The Wall Street Journal reported that the vote was 3 – 2 along party lines. Republicans were in support and Democrats in opposition to the fine.
In most cases the Justice Department’s civil division will review settlements by the FTC. However, it is not clear how long this will take. It could be as early as next week. Regarding the fine, settlement could also include rules on how Facebook treats the privacy of its users. Despite being the largest fine the FTC has approved on a tech company; it is unlikely to trouble Facebook’s coffers.