Facebook Inc will pay a record-breaking US$5 billion fine to resolve a government probe into its privacy practices and the social media giant will ...
WASHINGTON: Facebook Inc 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 U.S. Federal Trade Commission said on Wednesday.
Facebook confirmed it would pay the US$5 billion fine and said the FTC deal would provide"a comprehensive new framework for protecting people's privacy." Its share price fell about 1per cent on Wednesday morning to trade at US$200.39.
Under the deal, Zuckerberg and other Facebook executives must sign quarterly certifications attesting to privacy practices. The FTC said Zuckerberg or others filing a false certification could face civil and criminal penalties. The FTC also said that Cambridge Analytica's former CEO Alexander Nix and former app developer Aleksandr Kogan had agreed to a settlement restricting how they conduct business.
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