US regulators approve US$5 billion Facebook settlement over privacy issues: source

📆 7/13/2019 6:44 AM
📰 BusinessTimes

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[WASHINGTON] The US Federal Trade Commission (FTC) approved a roughly US$5 billion settlement with Facebook this week over its investigation into the social media company's handling of user data, a source familiar with the situation said on Friday. Read more at The Business Times.

The FTC and Facebook declined to comment.

Facebook's revenue for the first quarter of this year was US$15.1 billion while its net income was US$2.43 billion. It would have been higher, but Facebook set aside US$3 billion for the FTC penalty. The Cambridge Analytica missteps, as well as anger over hate speech and misinformation on its platform, have also prompted calls from people ranging from presidential candidate Senator Elizabeth Warren to a Facebook co-founder, Chris Hughes, for the government to force the social media giant to sell Instagram, which it bought in 2012, and WhatsApp, purchased in 2014.

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