The US Federal Trade Commission has approved a roughly $US5 billion ($7.1 billion) settlement with Facebook over its investigation into the social media company’s handling of user data, a source familiar with the situation has told Reuters.
- Penalty criticised as “a Christmas present five months early” for Facebook
- The settlement would be the largest civil penalty ever paid to the agency
- Source tells Reuters a final announcement on the settlement could come as early as next week
The FTC has been investigating allegations Facebook inappropriately shared information belonging to 87 million users with the now-defunct British political consulting firm Cambridge Analytica.
The probe had focused on whether the data sharing violated a 2011 consent agreement between Facebook and the regulator.
Investors cheered news of the deal and pushed Facebook shares up 1.8 per cent, while several powerful Democratic politicians in Washington condemned the proposed penalty as inadequate.
The FTC is expected to include in the settlement other restrictions on how Facebook treats user privacy, according to the Wall Street Journal, which also said that the agency vote was along party lines, with three Republicans voting to approve it and two Democrats opposed.
USAF Veteran and triple-amputee Brian Kolfage has already rallied 20,000 people in support of his battle against Tech Censorship.
War Veteran Brian Kolfage is on a mission to expose the danger that Facebook poses to the Constitution he gave three-limbs defending. He’s already rallied 20,000 and this week he’s taking his fight against Tech Censorship to Washington DC. Kolfage says that his fight started when he and his company, Military Grade Coffee, was targeted by Facebook for supporting Justice Brett Kavanaugh and his network of millions was instantly and permanently deleted.
“I’m going to fight this unamerican censorship in court,” Brian told the DC Chronicle in a recent interview. “I’m going to fight it in Congress and I’m going to keep exposing these Big Tech authoritarians using every bullhorn I can get my hand on.”