Facebook counts $5bn cost of Cambridge Analytica scandal

Facebook’s $5 billion fine doesn’t bode well for Libra

Facebook’s $5-billion fine for privacy scandals too low, Democrats complain

This has angered opponents who believe the sanctions do not go far enough in financial terms, nor do they mandate any meaningful change in the manner in which Facebook conducts itself.

"The sad reality is that this does not go almost far enough".

Facebook has reportedly been hit with one of the biggest fines in history over privacy violations as part of the Cambridge Analytica scandal.

"This hardly counts as effect for Facebook's gross misconduct and violation of users' privacy", said Reem Suleiman, senior campaigner at SumOfUs, in a statement shared with Fox News via email. "Without ensuring the company has real market competition, the FTC has circumvented its responsibilities and placed a price tag on its silence". Facebook's revenue for the first quarter of this year was Sh1.51 trillion ($15.1 billion) while its net income was Sh243 billion ($2.43 billion). This is the highest it's been since late July previous year when it reached $US217.50.

That scandal followed former Obama for America media director Carol Davidsen's admission that Facebook allowed the former president's campaign to take users' personal information because the company supported him and was followed by various additional similar scandals. Mark Warner, D-Va., tweeted.

The FTC also did not say anything about breaking up Facebook - a call that has been rising in the USA political corridors.

"The FTC is foolish & foolhardy to rely on money alone to punish decades of past privacy violations & ongoing profiteering", Blumenthal wrote. "This reported $5 billion penalty is barely a tap on the wrist, not even a slap".

The report of the $5-billion settlement, the largest-ever by the FTC against a tech company over privacy issues after a $22.5-million settlement with Google in 2012, led to Facebook's stock price rise on Friday.

It's not known whether the FTC settlement will impose new conditions on Facebook's ability to collect and share data with third parties, or whether there will be any personal liability for Zuckerberg and COO Sheryl Sandberg. Facebook could not be immediately reached for comment.

Both the FTC and Facebook declined to comment. "We estimate that the range of loss in this matter is $3 billion to $5 billion", Facebook had said.

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