The US Federal Trade Commission (FTC) has approved a record $5 billion settlement with Facebook over the Cambridge Analytica scandal, the largest the agency has levied on a technology company. The $5 Billion are minuscule compared to the nearly $56 billion in revenue in 2018. Facebook has already set aside $3 billion aside in the first quarter of 2019, in anticipation of the settlement with the FTC.
In the Cambridge Analytica privacy scandal, the company was allowed to access the personal data of about 87 million Facebook users without their explicit consent. Recently the UK’s Information Commissioner Office (ICO) has also imposed a £500,000 fine on Facebook over the Cambridge Analytica scandal.
Facebook and investors are now concerned about further restrictions and government oversight that might come with it.
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