The Federal Trade Commission hit Facebook with a $5 billion fine for the company's handling of user data following the giant Cambridge Analytica breach last year. While the fine has been criticized by some for being too small, in reality it balances the need to punish Facebook while not imposing onerous regulation on the whole industry. The fine should be a model of how the FTC can regulate tech companies going forward.
The Federal Trade Commission hit Facebook with a $5 billion fine for the company's handling of user data following the giant Cambridge Analytica breach last year. While the fine has been criticized by some for being too small, in reality it balances the need to punish Facebook while not imposing onerous regulation on the whole industry. The fine should be a model of how the FTC can regulate tech companies going forward.
Source: News Formal (newsformal.com)
jrhuddles I think this is the wrong take. They were able to settle 'any and all claims'. If I were Zuck, I'd have the biggest grin on my face as I asked who to make the check out to.
jrhuddles Stock price is surging despite any news. Facebook on privacy is a joke. Fox guarding the henhouse.
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Facebook Agrees to New FTC Privacy Oversight, Will Pay $5 Billion Fine Under 20-Year SettlementFacebook, under a 20-year settlement with the Federal Trade Commission over privacy violations, will pay a record-breaking $5 billion fine and submit to new oversight by the commission. The settlem… Next needs to be charged and fined for denying people Freedom of Speech and Thought...UNLESS you agree with Him.... He and his company are into promoting good ethics...Interesting stance for a guy who Stole the idea of FB. I guess his thinking 'evolved' Meh - they've made triple or more than that from our data
Source: Variety - 🏆 108. / 63 Read more »
Facebook to pay $5 billion in settlement with FTCFacebook Inc. agreed to pay a record $5 billion fine and better police its data-privacy practices to settle a long-running federal investigation that has... Where does that $5B go? Do you really think Facebook will change as a result of this fine?
Source: MarketWatch - 🏆 3. / 97 Read more »
FTC slaps Facebook with record $5 billion fine, orders privacy oversightFTC's chair, Joseph Simons, spoke about the commission's record settlement with Facebook yesterday.
Source: CNBC - 🏆 12. / 72 Read more »
FTC Fines Facebook $5B, Adds Limited Oversight on PrivacyThe fine is the largest the Federal Trade Commission has levied on a tech company, though it won't make much of a dent for a company that had nearly $56 billion in revenue last year. Now talk about where that money goes... And the Americans are worried about Huawei? Yeah, so, ouch. Maybe these words will start to mean something again on social media. 👇
Source: THR - 🏆 411. / 53 Read more »
Cramer: FTC oversight is 'truly invasive' against FacebookJim Cramer says the government is 'reaching into the board room' at Facebook. How about Russians colluding to hack our elections? Is that 'invasive'? How about “NO” This is good, facebook needs some serious, serious oversight and to be broken up. Oh, and f*** ‘shareholders’.
Source: CNBC - 🏆 12. / 72 Read more »
FTC announces fine against Facebook for privacy practicesWASHINGTON, D.C., USA – Authorities from the Federal Trade Commission hold a news conference announcing Facebook Inc will pay a record-breaking $5 billion USD fine to resolve a government probe into its privacy practices and the social media giant will restructure its approach to privacy, the U.S. Federal Trade Commission said on Wednesday. Worried not worried
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