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That's why Facebook pays a $ 3 billion fine to $ 5 billion

Facebook estimates that it could be subject to a $ 3 to $ 5 billion fine by the Federal Trade Commission (FTC), according to its performance report submitted on Wednesday. The fine may come as a result of Facebook breaking an agreement with 2011 with the FTC on consumer protection. As part of that agreement Facebook agreed to get the users' consent before handing it over to third parties, such as Cambridge Analytica. The FTC began investigating the social media giant in March 2018 after the news of Facebook's abuse of user data in the Cambridge Analytics case became public. [19659000] Visit Business Insider's website for more stories. Facebook said it plans to pay a $ 3 billion fine to $ 5 billion to potentially break a previous solution with federal regulatory authorities on social networking privacy practices. "In the first quarter of 2019, we reasonably estimated a likely loss and recorded a $ 3.0 billion upturn in the FTC's investigation into our platform and user data practices, Facebook says in its first-quarter earnings report on Wednesday. "The question remains unresolved, and there can be no guarantees about the timing or conditions of a final result," Facebook said. Related: Take a look at the companies Facebook confirmed the shared information with: 9 [19659010] PHOTO Company Facebook confirms the shared data with See gallery Apple (REUTERS / Heinz-Peter Bader) Samsung (REUTERS / Kim Hong-Ji) [19659017] Amazon (REUTERS / Abhishek N. Chinnappa) Blackberry REUTERS / Mark Blinch) Microsoft (REUTERS / Mike Blake)…

  • Facebook estimates that it could be subject to a $ 3 to $ 5 billion fine by the Federal Trade Commission (FTC), according to its performance report submitted on Wednesday.
  • The fine may come as a result of Facebook breaking an agreement with 2011 with the FTC on consumer protection.
  • As part of that agreement Facebook agreed to get the users’ consent before handing it over to third parties, such as Cambridge Analytica. The FTC began investigating the social media giant in March 2018 after the news of Facebook’s abuse of user data in the Cambridge Analytics case became public. [19659000]
  • Visit Business Insider’s website for more stories.

Facebook said it plans to pay a $ 3 billion fine to $ 5 billion to potentially break a previous solution with federal regulatory authorities on social networking privacy practices.

“In the first quarter of 2019, we reasonably estimated a likely loss and recorded a $ 3.0 billion upturn in the FTC’s investigation into our platform and user data practices, Facebook says in its first-quarter earnings report on Wednesday.

“The question remains unresolved, and there can be no guarantees about the timing or conditions of a final result,” Facebook said.

Related: Take a look at the companies Facebook confirmed the shared information with:

9 [19659010] PHOTO

Company Facebook confirms the shared data with

See gallery

Apple

(REUTERS / Heinz-Peter Bader)

Samsung

(REUTERS / Kim Hong-Ji) [19659017] Amazon

(REUTERS / Abhishek N. Chinnappa)

Blackberry

REUTERS / Mark Blinch)

Microsoft

(REUTERS / Mike Blake)

Huawei – Chinese company is the world third s thirsty smartphone maker

(REUTERS / Gleb Garanich / File Photo)

OPPO – Chinese smartphone maker

(REUTERS / Edgar Su)

] TCL Corp – China’s largest television and mobile phone producer

(REUTERS / Claro Cortes IV CC / JJ)

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Facebook did not provide information on request or specific data tices under control of the Federal Trade Commission (FTC).

So what does Facebook expect to pay all this money for?

The FTC began investigating the social media giant in March 2018 after failing with user data, according to reports. That event involved the trump-linked political research company Cambridge Analytica, which disadvantaged personal data from tens of millions of Facebook members for use in targeted political ads.

But that’s just one of many private misconceptions from Facebook in recent years, including a hacking event that left the personal information of 30 million users vulnerable. Business Insider’s Rob Price reported this month that Facebook also uploaded the email address information for 1.5 million new users without informing them or seeking their consent.

Which of these incidents is covered by $ 3 billion to $ 5 billion in fines, and which are not, will be crucial to Facebook and its investors in the future.

$ 3-5B will be a profit for FB because it will clear them from the latest offenses (unencrypted passwords etc)

The deal that Facebook may have violated was reached in 2011 over separate charges for privacy violations. As part of that agreement, called consent declaration, Facebook agreed to get the users’ consent before handing out their data to third parties, such as Cambridge Analytica. It also agreed to take measures to better protect users’ data.

Reports of the potential fines became public in February, but no figures were given at the second time than estimates that it could be in the “multibillion-dollar” area. Facebook’s dialing of the fines in the income statement confirms previous estimates, but no definite figures will be known until a settlement with the FTC has been reached or the case goes to trial.

Facebook completed Q1 with $ 45 billion in its balance sheet. Shares on Facebook jumped 5% after-trade on Wednesday.

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