Social media giant Facebook will soon shell out $5 billion in fines due to numerous privacy lapse incidents. The Federal Trade Commission (FTC) which investigated Facebook for a while, imposed the hefty fine. According to the Wall Street Journal, which reported this development on Friday, the $5 billion penalty was approved by FTC after a 3-2 vote by its commissioners favoring the fine. As of now, this is the largest fine to be potentially imposed on a tech company.
Worth noting
Unlikely to affect Facebook
With Facebook having more than $50 billion in yearly revenues, many critics believe that this fine would unlikely impact Facebook. “This fine is a fraction of Facebook’s annual revenue. It won’t make them think twice about their responsibility to protect user data,” said Representative David Cicilline.
Furthermore, it is also unknown whether this settlement would make Facebook revamp its regulations regarding personal data.
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