WASHINGTON: Facebook will pay a record-breaking US$5 billion (S$7 billion) fine to resolve a government probe into its privacy practices and the social media giant will restructure its approach to privacy, the US Federal Trade Commission (FTC) said...
Facebook will pay a record-breaking US$5 billion fine to resolve a government probe into its privacy practices and the social media giant will restructure its approach to privacy, the US Federal Trade Commission said yesterday.
The FTC voted three to two along party lines to adopt the settlement, which requires court approval, even as Democrats said the settlement did not go far enough or require a large enough fine. "Despite repeated promises to its billions of users worldwide that it could control how personal information is shared, Facebook undermined consumers' choices," said FTC chairman Joe Simons, a Republican, in a statement.
But Democratic FTC commissioner Rohit Chopra said the penalty provided"blanket immunity" for Facebook executives"and no real restraints on Facebook's business model" and does"not fix the core problems that led to these violations".
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