It would be the biggest ever fine levied by the Federal Trade Commission against a technology company.
How we know: In its quarterly financial results, Facebook said it had set aside money for a one-time payment of $3 billion to $5 billion related to the FTC’s inquiry.
The context: The FTC is investigating Facebook over several issues, including the Cambridge Analytica scandal, and claims it broke a 2011 privacy consent ruling. The two parties have been in talks for months but it’s not clear when we can expect any form of agreement to be reached.
All a matter of perspective: To most of us (and to the FTC), $3-5 billion is a whopping sum of money. But for Facebook, which earns $56 billion in revenue every year, it can potentially just be written off as a cost of doing business.
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