doesn't mean much
Nobody really expected Facebook's $5 billion fine for mishandling users' data imposed by the Federal Trade Commission to hinder the social media giant all that much. Sure, it was a record-breaking fine for the FTC, but $5 billion is "peanuts" to a company the size of Facebook. For example, Facebook drew in $15 billion in revenue last quarter.
What, on its face, is more surprising is that even with the slap on the wrist, Facebook's stock actually went up.
But even that's not surprising when you dig a little deeper. As The Week's Jeff Spross pointed out in April, Facebook's stock jumped by 10 percent when the company first announced it was getting ready to pay a fine somewhere between $3 billion and $5 billion. That was right around when the company's profit report came out, which surpassed expectations. Ultimately, investors were less concerned with the fine — and what many consider to be Facebook's questionable ethics — than they were enchanted by its gleaming profits.
Presidential candidate Sen. Elizabeth Warren (D-Mass.) has been keeping her eye on Facebook for quite some and was clearly unimpressed with the fine, which prompted her to renew her call to break up the company.
But most of Facebook's critics would seemingly agree that such a move by the FTC would be quite a leap as things stand. Read more at The Verge.