FTC reportedly approves roughly $5,000,000,000 fine for Facebook
1 / 2Facebook FTCFILE - In this April 30, 2019, file photo, Facebook CEO Mark Zuckerberg makes the keynote speech at F8, Facebook's developer conference in San Jose, Calif. A Wall Street Journal report says that the FTC has voted this week to approve a fine of about $5 billion for Facebook over privacy violations. The report Friday, July 12, 2019, cites an unnamed person familiar with the matter.
The fine would be the largest the FTC has levied on a tech company. But it won't make much of a dent for Facebook, which had nearly $56 billion in revenue last year. Facebook has earmarked $3 billion for a potential fine and said in April it was anticipating having to pay up to $5 billion. "But I thought that was misguided," he said, adding that EPIC instead supports more wholesale limits on how Facebook handles user privacy.
Story continuesWall Street appeared unfazed at the prospect of the fine. Facebook's shares closed at $204.87 on Friday and added 24 cents after hours. The stock is up more than 50 percent since the beginning of the year.
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