Facebook Fined $5B by FTC For Privacy Violations
The U.S. Federal Trade Commission (“FTC”) has issued a settlement with Facebook, fining the company a record-breaking $5 billion for committing privacy violations in defiance of its 2012 consent decree. The fine is the highest in the history of global privacy enforcement, and requires extensive reforms to Facebook’s corporate governance structure in order to instill higher accountability and transparency in its privacy practices. The $5 billion fine is reportedly 9% of Faceb