Report: FTC Approves Roughly $5 Billion Fine for Facebook
SAN FRANCISCO (AP) — A Wall Street Journal report says the FTC has voted to approve a fine of about $5 billion for Facebook over privacy violations. The report Friday cites an unnamed person familiar with the matter.
Facebook declined to comment; the FTC did not immediately respond to messages for comment. The report says the 3-2 vote broke along party lines, with Republicans in support and Democrats in opposition to the fine.
The Journal says the FTC report has been moved to the Justice Department for review. It is not clear how long it will take to finalize.
The fine would be the largest the FTC has levied on a tech company. But it won't make much of a dent for Facebook, which had nearly $56 billion in revenue last year.