The Federal Trade Commission approved an approximately $5 billion settlement with Facebook over the company’s 2018 Cambridge Analytica scandal, a person familiar with the matter told The Wall Street Journal. Several other news outlets separately reported the approval.
The fine represents the largest ever imposed by the FTC against a tech company. Previously, the agency’s largest fine against a tech company came in 2012 when Google agreed to pay a $22.5 million penalty due to its privacy practices. The fine would represent approximately 9% of Facebook’s 2018 revenue.
The settlement drew criticism from a number of senators and Congress members, including Democratic Sen. Mark Warner.
“Given Facebook’s repeated privacy violations, it is clear that fundamental structural reforms are required,” Warner said in a statement on Friday.
Source: New York Times