The FTC’s ongoing investigation into Facebook’s privacy practices has already been expected to cost the company a significant amount of money. A multi-billion dollar fine has been expected and there’s now a range in which this fine could fall between. FTC may fine Facebook up to $5 billion as it wraps up its investigating into the company’s data sharing practices following the explosive Cambridge Analytica scandal.
The figure comes from Facebook itself which was part of the company’s Q1 2019 earnings. The company estimates that it may have to spend between $3 billion and $5 billion as part of the ongoing FTC investigation into its data sharing practices.
It was reported in February that Facebook was in the process of negotiating a multi-billion dollar fine with the Federal Trade Commission. That’s been corroborated by the company’s financial results. This fine, if it’s imposed, would be the largest of its kind on a technology company. It would definitely be significantly more than the $22.5 million Google paid after the investigating into its privacy practices.
Facebook did caution investors in its earnings report that this matter hasn’t been resolved as yet “and there can be no assurance as to the timing or the terms of any final outcome.”