The fine is the largest the Federal Trade Commission has levied on a tech company, though it won't make much of a dent for a company that had nearly $56 billion in revenue last year.
Federal regulators have fined Facebook $5 billion for privacy violations and are instituting new oversight and restrictions on its business. But they are only holding CEO Mark Zuckerberg personally responsible in a limited fashion.
"The magnitude of the $5 billion penalty and sweeping conduct relief are unprecedented in the history of the FTC," Joe Simons, the chairman of the FTC, said in a statement. He added that the new restrictions are designed "to change Facebook's entire privacy culture to decrease the likelihood of continued violations."
The FTC had been examining whether that massive breakdown violated a settlement that Facebook reached in 2012 after government regulators concluded the company repeatedly broke its privacy promises to users. That settlement had required that Facebook get user consent to share personal data in ways that override their privacy settings.
Three Republican commissioners voted for the fine while two Democrats opposed it, a clear sign that the restrictions on Facebook don't go as far as critics and privacy advocates had hoped. That wish list included specific punishment for Zuckerberg, strict limits on what data Facebook can collect and possibly even breaking off subsidiaries such as WhatsApp and Instagram.
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