Facebook received a colossal fine in the USA because it did not properly protect your data, this being one of the largest fines ever imposed in the USA by the FTC against a company. Although in April those from Facebook claimed that they had prepared the sum of 3 billion dollars to pay a possible fine from those from the FTC, but in the end they agreed to pay 5 billion dollars as a fine.
Facebook is paying this fine because of the Cambridge Analytica scandal, which revealed that the data of hundreds of millions of accounts were extracted by various companies without our knowledge. It is not yet known what else Facebook should do as part of this agreement with the FTC, but the amount of 5 billion dollars will have to be paid to escape further investigations, and it is a very large one for the company.
Facebook pays $5 billion over Cambridge Analytica
Facebook will pay somewhere around 10% of its annual receipts as a fine to those from the FTC, and about the same amount from the liquidity and investments that the company currently has at the global level. To give you an idea of the size of the fine, the largest one granted by the FTC is 22.5 million dollars, it being imposed against Google, so we are talking about a very big difference compared to that of Facebook.
The Federal Trade Commission voted this week to approve a roughly $5 billion settlement with Facebook that could end an investigation into its privacy practices. The settlement puts in motion an end to a wide-ranging probe into Facebook's mishandling of users' personal information that began more than a year ago.
Facebook has gone through numerous scandals since the revelations regarding the problems with Cambridge Analytica appeared, and things do not seem to be heading towards an auspicious finality. The agreement between Facebook and the FTC is to be analyzed by the US justice minister for approval, and only then will the company pay the money and get out of trouble, so things are far from over for now.