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Facebook’s Shares Soar After the Record-Breaking Fine of $5 Billion

Mo Chou by Mo Chou
July 15, 2019
in News, Regulation, Reviews
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Facebook’s Shares Soar After the Record-Breaking Fine of $5 Billion
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(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.

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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.

Mo Chou

Weekend is the most representative female writer in the blockchain industry. She is known for her keen news capture ability and is good at English writing of blockchain news in the Chinese region.

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John Danie
John Danie

John Danie is a highly experienced marketing strategist and businessman in the blockchain industry who likes the pace of the development of cryptocurrency, especially in blockchain technology where it can move so fast. Being a fintech writer and crypto reporter with a fascination for tech and a passion for starting interesting conversations, he seeks to create authentic news stories in the industry.

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