The Federal Trade Commission after a probe into the Cambridge Analytical scandal where the Social media giant shared the personal information of 87 million users without consent has fined Facebook the sum of $5 billion.
The company had initially set aside $3 billion for the penalty fee which violated the 2011 consent agreement between the regulators and Facebook.
The fee marked at $5 billion is currently the highest ever civil penalty to be paid to the FTC. The specifics of the settlement should be finalized by the Justice Department’s Civil Division hopefully by next week.
On another hand, Facebook is one of the technology companies subject to the Antitrust saga and also facing criticism from the United States government over its plans to venture into cryptocurrency mining.