Data management: a record $5 billion fine for Facebook: According to US media, the federal regulatory agency reached an amicable agreement with the giant, providing for fine and restrictions on the use of personal data.
Data management: a record $5 billion fine for Facebook
The amount of the fine may be historic in the United States, but its impact is minimal for a company as successful as Facebook. Because of data breaches, the Silicon Valley group will pay a record $5 billion fine, say several US media outlets, including the New York Times and the Washington Post on Friday, July 12.
Concluded with the Federal Regulatory Agency (FTC), the amicable agreement, which no detail has filtered, should also include restrictions on how Facebook uses personal data, reports the Wall Street Journal, which the first reported the decision. The Ministry of Justice has yet to give the green light to this agreement, adopted by the FTC commissioners by three votes to two, the newspaper said, quoting a source familiar with the matter.
The stock market applauded: the stock reached its high of the year to end at nearly $205. Investors probably believe that the restrictions will not be too severe, as the opposition of two Democratic commissioners to the decision seems to think while the three Republicans voted for.
In any case, this is the interpretation of the consumer advocacy association Public Knowledge. “We do not yet know the essential aspects of the amicable settlement: does Facebook have to change its business model “or in its way of doing business?
Rowan Sinclair born and raised in NYC. She has written for Billboard, The Prague Post, and Passport Magazine. In regards to academics, Rowan earned his BBA from NYU. Rowan covers business and economy stories here at The Ticker Times.
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