Facebook expects to face a huge fine of up to $ 5 billion from the Federal Trade Commission (FTC) as a result of investigating privacy policies, a month’s revenue. To clarify that the amount of the fine is not what the FTC has announced or hinted at yet.

In its earnings report, Facebook said the company had allocated $ 3 billion in anticipation of a settlement with the FTC, which launched an investigation following the Cambridge Analytica scandal. The investigation is a violation of the 2011 agreement concluded by Facebook with the Federal Trade Commission (FTC), which requires social media to obtain explicit approval from users to share their data.

The FTC began an investigation on Facebook last year after it revealed that the company had allowed Cambridge Analytica access to the personal data of about 50 million users on Facebook without their explicit consent. Now the two sides are close to the settlement where Facebook expects the fine between 3 billion and 5 billion dollars.

Despite all the criticism Facebook has faced recently due to misuse of user data. Facebook, however, earned more than $ 15 billion in revenue in the first quarter of 2019. It also adds 39 million active users a day to its platform.

Source : The Hacher News