Facebook’s FTC fine will be $5 billion—or one month’s worth of revenue

Facebook’s FTC fine will be $5 billion—or one month’s worth of revenue

Enlarge / Thumbs down. (credit: Getty Images | Ted Soqui )

The Federal Trade Commission and Facebook have reportedly agreed on a $5 billion fine that would settle the FTC’s privacy investigation into the social network.

With Facebook having reported $15 billion in revenue last quarter, the $5 billion fine would amount to one month’s worth of revenue.

The FTC voted 3-2 to approve the settlement this week, with three yes votes from Republican commissioners and two no votes from Democrats, The Wall Street Journal reported today, citing anonymous sources. Democrats on the commission were “pushing for tougher oversight,” the Journal wrote.

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Facebook sues app maker, says it made millions misusing Facebook user data

Facebook denies allegations that you make friends on Facebook

Enlarge / The company does admit that it operates a website. (credit: Getty Images | NurPhoto )

Facebook is vigorously defending itself against a lawsuit brought by the attorney general of the District of Columbia—so vigorously, in fact, that it’s basically claiming not to be a social network at all.

DC attorney general Karl Racine filed a lawsuit against the company in December, saying its actions related to the Cambridge Analytica scandal were in violation of DC consumer protection law. Facebook spent the last six months trying to have the lawsuit dismissed, but a federal judge in June rejected those requests and said the case should move forward.

Facebook therefore submitted its response to the complaint (PDF) this week, in which it denies “each and every allegation” in the lawsuit.

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