Facebook Inc. shares moved to their highest prices of the day Friday afternoon after a report that the Federal Trade Commission voted to impose a record $5...
Facebook Inc. FB, +1.81% shares moved to their highest prices of the day Friday afternoon after a report that the Federal Trade Commission voted to impose a record $5 billion fine on the company. The Wall Street Journal reported that the FTC voted 3-2 along party lines this week, with Republicans in the majority, to impose the fine.
Neither the FTC nor Facebook confirmed the report, which was based on an anonymous source, and other potential restrictions or parts of the agreement were not known. Facebook had a consent decree with the FTC for earlier privacy violations, and these fines are for violating those restrictions. Facebook accounted for a $3 billion fine in its earnings report in April, but said at the time it expected that the amount could go up to $5 billion.
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