Facebook is on track to recieve a multi-billion dollar fine

The Washington Post reports that Facebook and the FTC are having discussions about a multi-billion dollar fine due to Facebook’s privacy issues over the past year.

While the exact amount isn’t clear yet, as Facebook continues its negotiations with the FTC, the firm would want to avoid the public image damage that would come from having its top executives dragged before a Federal court to testify.

This would be the largest fine levied on a technology company by the FTC, ever.

Facebook has been in the sights of the FTC ever since its dealings with the now-defunct political consulting firm Cambridge Analytica — and privacy concerns stemming from that — came to light. The FTC will also be probing whether Facebook violated a 2011 agreement to improve its privacy policies and keep user data safe.If found in violation of this agreement, Facebook’s fines could (implausibly and hypothetically), stretch into the trillions of dollars if the FTC chooses to fine at $40, 000 per user.

“Facebook faces a moment of reckoning and the only way it will come is through an FTC order with severe penalties and other sanctions that stop this kind of privacy misconduct going forward,” said Democratic Sen Richard Blumenthal to the Washington Post on Thursday.

Source: Washington Post

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