Facebook is facing a $5 billion payout over its privacy woes.
According to a report published by The Wall Street Journal on Friday, the US Federal Trade Commission (FTC) has approved a roughly $5 billion settlement with the Californian technology giant — a record-breaking payout for a tech company.
The reported settlement comes following an investigation by the American regulator into the company’s myriad privacy issues, and follows two years of constant scandals.
Facebook previously warned investors that it expected to pay out between $3-5 billion, and the company’s stock climbed slightly upwards on the news.
The WSJ’s report cited an anonymous source familar with the matter. Spokespeople for Facebook and the FTC did not immediately respond to Business Insider’s requests for comment.
The settlement is equivelant to roughly one month of Facebook’s revenues.
This story is developing…
Got a tip? Contact this reporter via encrypted messaging app Signal at +1 (650) 636-6268 using a non-work phone, email at email@example.com, Telegram or WeChat at robaeprice, or Twitter DM at @robaeprice. (PR pitches by email only, please.) You can also contact Business Insider securely via SecureDrop.
- Mark Zuckerberg’s personal security chief accused of sexual harassment and making racist remarks about Priscilla Chan by 2 former staffers
- Facebook says it ‘unintentionally uploaded’ 1.5 million people’s email contacts without their consent
- Years of Mark Zuckerberg’s old Facebook posts have vanished. The company says it ‘mistakenly deleted’ them.
- Car-bomb fears and stolen prototypes: Inside Facebook’s efforts to protect its 80,000 workers around the globe
- Executives from Apple, Amazon, Facebook, and Google will be grilled over monopoly fears by lawmakers on Capital Hill next week
- Facebook says it wants to ‘double our number of women globally and Black and Hispanic employees in the US’ as it reports its annual workforce diversity stats
- Facebook is launching a new team to build new apps, and it expects ‘many failures’