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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 Facebook’s $55.8 billion 2018 revenue and approximately 23% of its 2018 profit. “The relief is designed not only to punish future violations,” said FTC Chairman Joe Simons, speaking at a press conference, “but, more importan