Facebook would have reached an agreement with the Federal Trade Commission for repeated violations of privacy, The Wall Street Journal reports. According to Newspaper, the FTC voted this week to approve a settlement of $ 5 billion, which was transferred to the civilian division of the Department of Justice for review. It is unclear how long will take the exam.
The Newspaper reported that the FTC voted with the lines, with three Republican commissioners voting in favor of the settlement and two Democratic commissioners voting against. Aside from the fine, it is unclear what the settlement will require from Facebook.
In April, Facebook said that he had set aside 3 billion dollars in the context of an expected FTC fine. The regulations, the details of which were first reported by The Washington Post in February, should mainly concern 2018 expenditure The Cambridge Analytica data privacy scandalas well as the seemingly endless series of breaches and subsequent leaks who sued Facebook in the months that followed.
In his last quarterly report on results, Facebook announced sales of $ 15.1 billion, 26% more than the year before. At the time, $ 3 billion represented about 6% of the cash and marketable securities that Facebook had on hand.
Assuming the regulation is approved, the fine would be the largest in the history of the FTC. (The current record is $ 22.5 million fine against Google from 2012.) At the same time, even $ 5 billion would be unlikely to decimate Facebook, who reported record profits this year.