Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Science
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Phone Reviews
  • Find Cricket Statistics
Hindi
More
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Science
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Phone Reviews
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / Business News / Facebook faces $5 billion fine over privacy violations: Details here
  • Business

    Facebook faces $5 billion fine over privacy violations: Details here

    Shubham Sharma
    Written by
    Shubham Sharma
    Twitter
    Last updated on Jul 14, 2019, 12:59 am
    Facebook faces $5 billion fine over privacy violations: Details here
  • From Cambridge Analytica to data leaks, Facebook has committed a plethora of privacy violations over the last two years.

    The company has apologized for every single debacle, but the Federal Trade Commission wants to ensure it never repeats those mistakes. And, rightly so.

    For this, the agency has approved a multi-billion dollar fine on the organization, the highest ever imposed on a tech company.

  • In this article
    $5 billion fine approved for Facebook Largest FTC fine on a tech company However, the fine is unlikely to unsettle Facebook Here's what Facebook had said on the matter Future course of action remains unclear
  • Fine

    $5 billion fine approved for Facebook

  • Considering Facebook's privacy missteps, the FTC commissioners settled on a fine of $5 billion for the company, the Wall Street Journal has reported.

    They all voted on the matter, with three Republicans agreeing in favor of the fine, while two Democrats opposing it.

    Now, their decision has moved under the Justice Department's civil division for review and implementation.

  • FTC fine

    Largest FTC fine on a tech company

    Largest FTC fine on a tech company
  • Though it remains unclear how long the civil division will take to review the settlement, the decision means Facebook is facing the largest fine ever imposed by FTC on a technology company.

    The current record is held by Google, which was fined $22.5 million by the agency following a probe into its data-sharing practices in 2012.

  • Earnings

    However, the fine is unlikely to unsettle Facebook

  • The reported FTC fine is definitely huge, but it is unlikely to unsettle Facebook's growth.

    Back in April, the company had reported a whopping $15.1 billion in sales, 26% higher than the last year, for the first quarter of 2019.

    Of this amount, it had kept $3 billion, roughly 6 percent of its cash and marketable securities in hand, aside for the FTC fine.

  • Quote

    Here's what Facebook had said on the matter

  • "We estimate the range of loss in this matter is $3 billion to $5 billion," Facebook said in the earnings statement issued in April. "The matter remains unresolved, and there can be no assurance as to the timing or the terms of any final outcome."

  • Restrictions

    Future course of action remains unclear

    Future course of action remains unclear
  • Now that we know how much Facebook would have to pay for its privacy disasters, the question remains what else the FTC would do to prevent these mishaps from happening again.

    The agency could put restrictions to monitor or regulate Facebook's activities in the future to reassure people that their data is safe.

    But, the final outcome still remains to be seen.

  • Facebook
  • Cambridge Analytica
  • Wall Street Journal
  • Federal Trade Commission
  •  
Latest News
  • IPL 2021: SRH need 151 to beat MI in Chennai
    IPL 2021: SRH need 151 to beat MI in Chennai
    Sports
  • Modi busy with Bengal polls, says Thackeray; BJP leaders react
    Modi busy with Bengal polls, says Thackeray; BJP leaders react
    India
  • IPL 2021: Adam Milne makes his debut for Mumbai Indians
    IPL 2021: Adam Milne makes his debut for Mumbai Indians
    Sports
  • IPL 2021, MI vs SRH: Rohit Sharma elects to bat
    IPL 2021, MI vs SRH: Rohit Sharma elects to bat
    Sports
  • 24,000 COVID-19 cases in Delhi, short on oxygen, beds: Kejriwal
    24,000 COVID-19 cases in Delhi, short on oxygen, beds: Kejriwal
    India
Related Timelines
  • Facebook-leaked phone number reveals that Mark Zuckerberg uses Signal
    Facebook-leaked phone number reveals that Mark Zuckerberg uses Signal
    Science
  • Facebook data breach: CBI books Cambridge Analytica, Global Science Research
    Facebook data breach: CBI books Cambridge Analytica, Global Science Research
    Business
  • Facebook fined $650 million for collecting facial recognition data inappropriately
    Facebook fined $650 million for collecting facial recognition data inappropriately
    Science
  • NewsBytes Briefing: Twitter 'error' keeps users from tweeting, and more
    NewsBytes Briefing: Twitter 'error' keeps users from tweeting, and more
    Science
Trending Topics
Bharti Airtel Mukesh Ambani WhatsApp Reliance Jio OPPO Isha Ambani
Next News Article
Share
Cancel

Want to share it with your friends too?

Facebook Whatsapp Twitter Linkedin
Copied

Love Business news?

Subscribe to stay updated.

Business Thumbnail
India News Business News World News Politics News Sports News Science News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Bharti Airtel Mukesh Ambani Indian Premier League Samsung Virat Kohli Rohit Sharma
Cricket News YouTube Hollywood News WhatsApp Bollywood News ISRO Yoga Honda Batman Football News
BMW Vaccine Reliance Jio OPPO Amazon Food News, Healthy Recipes Apple Royal Challengers Bangalore Prince Philip Toyota
Fashion Tips Mercedes Sidharth Malhotra Isha Ambani India Vs England Cricket OnePlus Mobiles Android TV Smart TV Marvel Comics Avengers
Neha Kakkar X-Men TATA Keanu Reeves
About Us Privacy Policy Terms & Conditions Contact Us News Reviews News Archive Topics Archive Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2021