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WSJ: US authorities will fine Facebook for a record $ 5 billion for privacy scandals

This is the monthly revenue of the social network.

Facebook reached an agreement with the US Federal Trade Commission because of privacy breaches. The company is obliged to pay a record fine in the history of America – 5 billion dollars. This was reported by The Wall Street Journal, citing its own sources.

According to the newspaper, FTK voted for the final amount and has already sent the agreement to the US Department of Justice for consideration. It is unclear how long the agency will consider the document.

As the WSJ sources explained, the FTC made its decision by voting according to the party principle. Three Republicans voted for the settlement, and two Democrats – against. The interlocutors of the publication did not specify that, in addition to the fine, Facebook would have to be made under the terms of the agreement.

Facebook representatives declined to comment or confirm the information. WSJ data was later confirmed by sources in the Washington Post and New York Times .

The reason for the fine Facebook was the scandal with Cambridge Analytica and other breaches of privacy, which became known after him. $ 5 billion will be the biggest fine in the history of the Federal Trade Commission. The previous record holder was Google with an amount of $ 22.5 million in 2012.

As I said the chief editor of The Verge Nilay Patel (Nilay Patel), despite the fact that Facebook will pay a record fine for the company is “ridiculous” amount. It is approximately equal to the monthly revenue of the social network and is less than a quarter of the net profit for the year.

In addition, Facebook pre- pledged $ 3 billion in “unforeseen fines” during the last financial report and warned investors. Because of this, the news did not become a negative factor for them and the shares of the social network even grew against the background of a fine.

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