US negotiating multi-billion dollar fine with Facebook

WASHINGTON: The US government and Facebook Inc are negotiating a settlement over the company’s privacy lapses that could require the online social network to pay a multi-billion dollar fine, the Washington Post reported on Thursday. The newspaper said that the US Federal Trade Commission and Facebook had not agreed on an amount, citing two people it said were familiar with the matter. Facebook reported fourth-quarter revenue of $16.9 billion and profit of $6.9 billion.
The FTC has been investigating revelations that Facebook inappropriately shared information belonging to 87 million of its users with the now-defunct British political consulting firm Cambridge Analytica. The probe has focused on whether the sharing of data with Cambridge Analytica and other privacy disputes violated a 2011 agreement with the FTC to safeguard users’ privacy. — Reuters