What Privacy? Facebook Yawns, Sets Aside $5 Billion For FTC Fine

NewsBusters | 4/25/2019 | Staff
madalina09madalina09 (Posted by) Level 4
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Apparently it’s easier to just pay fines than it is to make active changes to a site’s privacy policies — when your Big Tech company is big enough.

In the last quarter, Facebook pulled in more than $15 billion in revenue, and reported that it would set aside $5 billion for any fines “as and when necessary.” The Federal Trade Commissions (FTC) spent a year investigating Facebook and its privacy scandals, so the number isn’t outlandish. According to Politico, Facebook is still in negotiations to figure out a settlement with the FTC.

Fine - Media - Platform - Fears

But a fine is not what the social media platform fears.

The FTC has the power to demand that Facebook change the way it handles its advertising business, which is the source for most of the company’s revenue. A former FTC official told Politico that Facebook “prefers to take a short-term financial hit rather than accept a government-led overhaul.” The official said, “It’s in Facebook’s interest to get the...
(Excerpt) Read more at: NewsBusters
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