FTC reportedly approves $5 billion settlement with Facebook


New York (CNN Business) – The Federal Trade Commission has reportedly approved an approximately $5 billion settlement with Facebook (FB), suggesting a lengthy investigation into the social media company’s data privacy practices could be nearing an end.

The FTC is said to have voted 3-2 in favor of the settlement, along party lines, according to reports from The Wall Street Journal and The Washington Post on Friday.

The FTC and Facebook declined to comment to on the reports.

While the settlement would mark by far the largest penalty against a tech company, far in excess of the $22.5 million the FTC fined Google in 2012, investors nonetheless appeared to breathe a sigh of relief that it wasn’t bigger.

Facebook stock ended Friday up nearly 2% after the Journal report was released.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Mobile Apps DMB_1503428499636.png

Trending Now