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Home / Business / FTC fined Facebook $ 5 billion for data breaches: WSJ

FTC fined Facebook $ 5 billion for data breaches: WSJ



Mark Zuckerberg, co-founder, Facebook Chairman and CEO, testified before the House Energy and Commerce Committee at Capitol Hill's Rayburn House office building on April 11, 2018 in Washington, DC.

Yasin Ozturk | Anadolu Agency | Getty Images

The Federal Trade Commission approved a deal with Facebook worth approximately $ 5 billion over the company's Cambridge Analytica 2018 scandal, a person familiar with the matter told the Wall Street Journal. Several other news agencies reported separately on the approval.

The fine is the highest ever imposed by the FTC on a technology company. Previously, the agency's highest fine was imposed on a technology company in 201

2, when Google agreed to pay a fine of USD 22.5 million for its privacy practices. The fine would be approximately 9% of Facebook's revenue for 2018.

In anticipation of the FTC fine, Facebook charged a one-time fee of $ 3 billion in April.

The FTC approved the agreement by Laut Republican report 3: 2 against the party and the Democrats, and are now being reviewed.

The FTC and Facebook refused to comment to CNBC.

The FTC began investigating Facebook in March 2018 after reports that political consultancy Cambridge Analytica had accessed data from 87 million Facebook users. The agency was concerned that Facebook had violated the terms of a 2011 contract, requiring Facebook to notify users very clearly when their data was shared with third parties.

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