Facebook to pay record $5 billion fine over privacy violations, the U.S. Federal Trade Commission says $FB
) will pay a record-breaking $5 billion fine to resolve a government probe into its privacy practices and the social media giant will restructure its approach to privacy, the U.S. Federal Trade Commission said on Wednesday.
“Despite repeated promises to its billions of users worldwide that they could control how personal information is shared Facebook undermined consumers’ choices,” said FTC Chairman Joe Simons, a Republican, in a statement. “Until we address Facebook’s core financial incentives for risking our personal privacy and national security, we will not be able to prevent these problems from happening again,” Chopra said.
They called the settlement — in light of what the FTC might have been able to win in a court fight — “a complete home run.” Chopra added that by “settling the commission — and the public — may never find out what Facebook knows... It is difficult to conclude that the commission got the better end of the bargain.”
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