Facebook reportedly agrees to $5 billion FTC settlement

Polycount

Posts: 2,789   +571
Staff member

In the US, one such board is the Federal Trade Commission (FTC), who has been looking into Facebook's past controversies with a fine-tooth comb. According to a new report from The Wall Street Journal (WSJ), after some likely intense negotiations, the FTC has agreed to settle their case against the social media giant to the tune of around $5 billion.

While that's still only a fraction of Facebook's revenue, it's a more sizable hit than we often see in these situations.

...the vote to settle with Facebook was predictable: the three Republicans on the FTC voted in favor of the settlement, whereas the two Democratic Commissioners took the opposite stance...

According to The WSJ, the vote to settle with Facebook was predictable: the three Republicans on the FTC voted in favor of the settlement, whereas the two Democratic Commissioners took the opposite stance; seemingly feeling that the settlement didn't have enough impact. The WSJ says "other government restrictions" have likely been included in the settlement, but they were unable to find out what said restrictions might be.

Facebook's settlement will now proceed to the Justice Department, which will review the FTC's decision and either sustain or challenge it.

It remains to be seen whether or not this $5 billion hit will be enough to convince Facebook to change its ways, but given that the company's business model largely relies on user data, one probably shouldn't expect massive adjustments to occur any time soon.

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Uncle Al

Posts: 7,964   +6,728
Just a drop in the bucket for them. As long as they have a nearly uncensored ways and means of conducting their business they will gladly pay to play ....
 
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retsxel

We, the public, can make an impact on Facebook by not using the platform on any level. Life was just fine before Facebook and even the internet, it'll be fine when it's gone.

I haven't used any social media for several years and life is great.
 
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psycros

Posts: 3,324   +3,726
"The WSJ says "other government restrictions" have likely been included in the settlement, but they were unable to find out what said restrictions might be."

Unless there are government security concerns involved these details should be a matter of public record soon enough. If not then something is very fishy indeed.

As for the decision I am sick of corporatists vs totalitarians in our government . The left wants to control companies like Facebook so they can control the content. The right only cares about the bottom line. Both are equally stupid approaches although the left's increasingly fascist behavior is very troubling. If I have to choose between the anything-goes capitalists and the Ministry of Truth, I know which is the lesser of two evils.
 

ShagnWagn

Posts: 1,297   +1,083
Good. Except it wasn't an impact to their business. Each time there is an incident - double the fine.
 
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retsxel

Good. Except it wasn't an impact to their business. Each time there is an incident - double the fine.
While I think we all can empathize, they can't do that without another round of "due-process".