FTC reportedly approves $5 billion fine for Facebook


Facebook has reportedly gotten exactly what it expected.
The Federal Trade Commission has okayed a "roughly" $5 billion settlement with Facebook over the company's handling of user data, The New York Times, The Wall Street Journal, and The Washington Post all report via people familiar with the decision. It marks the FTC's largest fine ever issued, and matches the fine Facebook said in April it was expecting to pay.
The FTC's reported settlement comes after a more than yearlong probe into Facebook's privacy practices, which started after news of its Cambridge Analytica scandal broke. This report likely coincides with the end of the probe, and implies that the FTC concluded Facebook violated commission guidelines governing how it handles user data, per the Journal. The settlement could also come with further government oversight into Facebook, including forcing it to "document every decision it makes about data before offering new products," the Post writes.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
The decision reportedly split the five-member FTC board along party lines, with its three Republican members voting for the fine and its two Democrats voting against it. The Department of Justice now has to approve the settlement, though it historically doesn't overrule FTC decisions, the Times says. Facebook and the FTC both declined to comment on the matter.
Read business columnist Jeff Spross' take on why the $5 billion is "actually peanuts" for Facebook at The Week.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Kathryn is a graduate of Syracuse University, with degrees in magazine journalism and information technology, along with hours to earn another degree after working at SU's independent paper The Daily Orange. She's currently recovering from a horse addiction while living in New York City, and likes to share her extremely dry sense of humor on Twitter.
-
New York court tosses Trump's $500M fraud fine
Speed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in Intel
Speed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
-
US to take 15% cut of AI chip sales to China
Speed Read Nvidia and AMD will pay the Trump administration 15% of their revenue from selling artificial intelligence chips to China
-
NFL gets ESPN stake in deal with Disney
Speed Read The deal gives the NFL a 10% stake in Disney's ESPN sports empire and gives ESPN ownership of NFL Network
-
Samsung to make Tesla chips in $16.5B deal
Speed Read Tesla has signed a deal to get its next-generation chips from Samsung
-
FCC greenlights $8B Paramount-Skydance merger
Speed Read The Federal Communications Commission will allow Paramount to merge with the Hollywood studio Skydance
-
Tesla reports plummeting profits
Speed Read The company may soon face more problems with the expiration of federal electric vehicle tax credits
-
Dollar faces historic slump as stocks hit new high
Speed Read While stocks have recovered post-Trump tariffs, the dollar has weakened more than 10% this year