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Facebook reportedly gets a $5 billion slap on the wrist from the FTC

The U.S. Federal Trade Commission has reportedly agreed to end its latest probe into Facebook‘s privacy problems with a $5 billion payout.
According to The Wall Street Journal, the 3-2, party-line vote by FTC commissioners was carried by the Republican majority and will be moved to the Justice Department’s civil division to be finalized.
A $5 billion payout seems like a significant sum, but Facebook had already set aside $3 billion to cover the cost of the settlement and the company could likely make up the figure in less than a quarter of revenue (the company’s revenue for the last fiscal quarter was roughly $15 billion). Indeed, Facebook said in April that it expected to pay up to $5 billion to end the government’s probe.

Facebook reserves $3B for FTC fine, but keeps growing with 2.38B users in Q1
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