(BlockBar) On July 12, Facebook was fined $5 billion. However, after the news, Facebook’s stock rose 1.81 percent, adding $10.4 billion to its market value, which is well above the $5 billion fine. The share-price soaring does not mean that Facebook has shed its “public enemy” status. The fine is only the first step towards punishment, and strict regulation is on the way. Libra’s emergence makes Facebook a thorn in the side of American Banks and regulators.
The federal trade commission (FTC) and Facebook reached an estimated $5 billion settlement on Friday over the event of 2018 Cambridge Analytics Firm. The fine is the maximum the FTC can impose on a technology company.
The FTC voted 3-2 to approve the settlement, ending its investigation. Most republicans supported the decision, while most Democrats voted against it, the report said. The settlement is likely to end its extensive investigation into Facebook’s mishandling of users’ personal information.
One year ago, “Cambridge Analytica” illegally collected data of more than 87 million Facebook users without user authorization for big data analysis, so as to accurately push advertisements and even fake news to users, making it the largest data leak in Facebook’s history.
But the FTC investigation quickly expanded beyond Cambridge Analytica’s data abuse and began to cover a wide range of other privacy and security breaches at Facebook, including allowing popular websites, smartphone and other device makers to access users’ social data without notifying or obtaining their permission.
Until Sunday, the FTC reached a settlement with Facebook, agreeing to end its long-running privacy investigation with a $5 billion fine and other restrictions.
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