FTC approves $5B fine for Facebook
The FTC has voted to fine Facebook about $5 billion for privacy violations, the Wall Street Journal reported Friday.
Facebook and the FTC declined to comment. The Journal said the 3-2 vote broke along party lines, with Republicans in support and Democrats opposed to the settlement.
In most cases the Justice Department’s civil division will review settlements by the FTC, and it is unclear how long the process would take.
The fine would be the largest the FTC has levied on a tech company. But it won’t make much of a dent for Facebook, which had nearly $56 billion in revenue last year. Facebook has earmarked $3 billion for a potential fine and said in April it was anticipating having to pay up to $5 billion.
The report did not say what else the settlement includes beyond the fine, though it is expected to include limits on how Facebook treats user privacy.