Facebook will have to pay a $5 billion fine
The Federal Trade Commission is set to announce the terms of its settlement with Facebook amid allegations that the company mishandled its users' private information.
The social media giant will also establish a privacy panel in settlement with FTC
Stocks impacted: Facebook Inc. (FB)
It is reported that Facebook has agreed to pay $5 billion and create a board committee on privacy. It will also have to agree to new executive certifications that users' privacy is being properly protected. By the way, FTC will not require Facebook to admit guilt as part of the settlement. The fine will mark the largest civil penalty ever paid to the FTC. Also, these days Facebook is also facing criticism from Trump and others about its planned cryptocurrency Libra over concerns about privacy and money laundering. Against this backdrop, the company’s shares could nurse decent losses during the session on Wednesday.
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