Facebook reportedly agrees to $5 billion FTC settlement

Facebook will reportedly be fined a record $5 billion over privacy mishaps

The leading social network with more than two billion users worldwide has also been facing inquiries on privacy from authorities in U.S. states and regulators around the world.

The divide between Republicans and Democrats on the matter was irked in large by the latter pushing for tougher oversight of Facebook in addition to the fine.

It remains to be seen whether or not this $5 billion hit will be enough to convince Facebook to change its ways, but given that the company's business model largely relies on user data, one probably shouldn't expect massive adjustments to occur any time soon.

Even though the fine is larger by a factor of 100 than the next-largest FTC penalty for privacy violation, it's also less than a tenth of Facebook's 2018 revenue and a fraction of its $600 billion valuation. For Facebook, though, it looks to be an easy bill to pay, given the roughly $45 billion in cash it has on hand. For context, Facebook recorded $15 billion in sales during the fiscal quarter that ended in March.

Representatives for Facebook and the FTC didn't immediately respond to requests for comment.

Outside activist groups also decried the alleged Facebook settlement.

"But I thought that was misguided", he said, adding that EPIC instead supports more wholesale limits on how Facebook handles user privacy.

Facebook also faces a lawsuit from the D.C. attorney general and other states over the privacy debacle.

US Mulling 18-Month Sanctions Relief on North Korea
The two sides are soon expected to hold their first working-level talks in five months, following up on U.S. President Donald Trump's historic June 30 meeting with Kim on the border between the two Koreas.

China warns USA 'not to play with fire' regarding Taiwan
With the USA now engaged in a trade war with China, relations between Taipei and Washington have warmed considerably. Days before Tsai's visit, the US State Department approved a $2.2 billion arms sale to Taiwan .

Six injured in major fire at power station in Moscow region
The fire broke out in the morning of July 11, and a fire alarm reached first responders at 11:11. Russian television reported that the cause of the fire "could have been an explosion".

In other words, for a company made famous for moving fast and breaking things, this could force Facebook to slow down a little bit.

FTC Commissioner Rohit Chopra, a Democrat, has said the agency should hold executives responsible for violations of consent decrees if they participated in the violations.

But then, in 2016, Facebook allowed Cambridge Analytica, a political data-mining firm, to scrape the data of 50 million users to help the campaign of now-president Donald Trump.

Both incidents raised the prospect that Facebook had violated a 2011 consent agreement with the FTC which required the social network to have a "comprehensive privacy program" and to get the "express consent" of users before sharing their data.

The $5 billion that goes into settling the inquiry may not have a tremendous influence on the company's bottom line.

Facebook stock ended Friday up almost 2% after the Journal report was released.

However, depending on the additional terms of the settlement, this could have ripple effects on Facebook's business going forward.

Related:

  • Magnitude 4.6 quake  rumbles western WA

    Magnitude 4.6 quake rumbles western WA

    An interactive map on the USGS website shows several dozen people in the Vancouver area reported feeling the shaking. The quake hit the Three Lakes area of Washington which is around 50 miles north of Seattle at 2.51am.
    Starbucks celebrating summer with new Tie-Dye Frappuccino

    Starbucks celebrating summer with new Tie-Dye Frappuccino

    In the past, Starbucks has done a Unicorn Frapp, as well as a Mermaid Frappucino and, last year, a Crystal Ball one . Starbucks says the summery drink has a tropical fruit flavor that will "take you to your happiest place".
    Deutsche Bank cuts mark end to failed bid for global scale

    Deutsche Bank cuts mark end to failed bid for global scale

    As part of the restructuring, Deutsche Bank will be cutting the number of full-time positions by 18,000 to 74,000 by 2022. The bank went three straight years without turning an annual profit before recording positive earnings for 2018.
  • Maui Runaway Brush Fire Prompts Order To Evacuate

    Maui Runaway Brush Fire Prompts Order To Evacuate

    For roadways, North Kihei Road, Kuihelani Highway and Maui Veterans Highway reopened Thursday night to two-way traffic. A brush fire has prompted evacuations and diverted some flights on the Hawaii island of Maui, officials said Thursday.
    Wimbledon: Simona Halep makes maiden final, Serena Williams fighting to join her

    Wimbledon: Simona Halep makes maiden final, Serena Williams fighting to join her

    Also, she needs to not think about the magnitude of what she can accomplish with a victory. "It's really not about 24 or 23 or 25. Simona Halep of Romania plays a forehand in her Ladies' Singles semi-final match against Elina Svitolina of Ukraine.
    UK ICO will fine Marriot International £99 million over GDPR data breach

    UK ICO will fine Marriot International £99 million over GDPR data breach

    BA meanwhile is reeling from the fine it was issued on Monday (8 July) following a data breach that compromised 500,000 customers. It also states that firms must notify authorities about breaches within 72 hours after learning about them.
  • Internet returns after one month blackout

    Internet returns after one month blackout

    A group of legal experts has been finalizing the wording of the deal to be signed by both sides in the coming days. Days later internet on fixed land connections was restored, but the mobile 3G and 4G services remained cut.
    What makes the coming immigration raids so insane

    What makes the coming immigration raids so insane

    The operation has the backing of President Donald Trump and is expected to be carried out in at least 10 major USA cities. U.S. authorities plan to start arresting immigrants eligible for deportation in 10 cities this weekend, U.S.
    Here's why Fareham MP Suella Braverman voted against the abortion amendment law

    Here's why Fareham MP Suella Braverman voted against the abortion amendment law

    This is a fundamental principle of our Union and our constitution: this is a matter for Northern Ireland , not Parliament. If Northern Ireland's power-sharing system is restored, both amendments will become law by October 21, 2019.
  • Google to roll out redesigned News tab

    Google to roll out redesigned News tab

    There is more white space, but readers will be able to see more of a preview of each story. There are fewer links per page, but individual stories are featured more prominently.
    Djokovic holds off spirited Spanish challenge to reach Wimbledon final

    Djokovic holds off spirited Spanish challenge to reach Wimbledon final

    In terms of anticipation, the Djokovic-Batista Agut semifinal felt like an undercard compared to the Federer-Nadal clash in store. Speaking after the match , Nadal admitted there were certain areas where Federer just outclassed him in the match .
    Dwight Gooden arrested for cocaine possession

    Dwight Gooden arrested for cocaine possession

    In 2006, he served seven months in prison for violating terms of his probation for a drug-related offense. Major League Baseball suspended the right-hander for the entire 1995 season after another positive test.

Comments

Latest news

We've been expecting you: Christoph Waltz returning as Blofeld for Bond 25
Apparently, said producers have had a change of heart, although it's obviously not known how large or small Waltz's role in the film will be.

Amazon reportedly working on high-end Echo smart speaker, Alexa-powered home robot
Vesta is reported to be a bout waist-high, with wheels and an array of cameras that use computer vision to navigate the device. Amazon intends to begin selling voice-controlled earbuds to rival Apple's AirPods this year, Bloomberg revealed in April.

Love Island 2019: Amy Hart breaks silence after leaving the villa
My villa experience was the time of my life and my heartbreak was only a small part of my entire journey. Our Love Island content is sponsored by Dresses.ie , one of Ireland's leading fashion websites.

Trump rips Paul Ryan as ‘lame duck failure’ with ‘poor leadership’
Arguing that Ryan approached his relationship with Trump poorly, Scarborough said Friday that Ryan should've spoken out sooner. In another tweet, the president wrote: "He had the Majority & blew it away with his poor leadership and bad timing.

400K people join Facebook group to 'storm Area 51'
"We will all meet up at the Area 51 Alien Center tourist attraction and coordinate our entry", the detail of the event reads. NTTR experienced a rare security breach in January when an unidentified male sped through a checkpoint at the entrance.

Mom arrested after kid licks, puts back tongue depressor at doctor's office
In a video interview with News4Jax, Ward said she was " just being silly " with her children at the doctor's office after a long wait.

Labor Secretary Acosta resigns amid scrutiny over Jeffrey Epstein deal
Acosta's resignation will go into effect next Friday. ".Alex was a great Secretary of Labor and his service is truly appreciated". Trump made clear that the decision for Acosta to resign came from the Labor Secretary.

Amazon Alexa to provide health advice after teaming up with the NHS
NHSX , the UK's joint health and technology unit, said it welcomed the collaboration with Amazon Alexa in a tweeted statement. The idea is to make it easier for patients, such as those who are elderly or blind, to access health information.

Manchester United stunned by Newcastle's £50m asking price for midfielder Sean Longstaff
Manchester United value the 21-year-old at closer to £20m and they are weighing up what they are willing to offer for the player. Longstaff, who has eight Premier League starts to his name, could become the club's third signing of the transfer window.

Green opposition complicates von der Leyen's bid to lead EU
The 60-year-old needs more than half of the votes in the 751-member parliament to be confirmed in the post next week. She said the European Union should also be ready to take in Western Balkan countries.

The Kansas City Star
A burglar stole the key, cash and Long's wedding ring from her room Thursday at the Ritz-Carlton hotel in Los Angeles. Like any good New Yorker, we keep a spare for our neighbors! "We got you covered", he tweeted .

Bombardier to lay off 550 workers at its Thunder Bay, Ont. plant
Want to get a head start on your day? Bombardier has been downsizing its operations for several years as it fights to come to profitability.

Wimbledon 2019: Roger Federer beats Rafael Nadal in thrilling semifinal
In terms of anticipation, the Djokovic-Batista Agut semifinal felt like an undercard compared to the Federer-Nadal clash in store. Defending champion Novak Djokovic has won the first set 6-2 in his Wimbledon semifinal against Roberto Bautista Agut .

Amazing Echo bargain: Get an Amazon Echo Dot for half price
When we've seen these products hit these prices in the past, they have sold out quickly so you don't want to wait on it. The star of the Echo family is often the Dot.

Strip club hosting charity golf tournament at Trump course
Doral is better known for a different kind of golf tournament, a long-running PGA Tour event that was last played there in 2016. The tournament offers golfers a choice of dancers to be their "caddy girl".

Other news