Facebook was on Wednesday, 24 July fined $5 billion by the Federal Trade Commission (FTC) over privacy breaches. This is the largest fine in the history of the Federal Trade Commission, yet only about a month’s worth of revenue for Facebook. The penalty would settle a formal complaint by the Federal Trade Commission that Facebook allegedly used “deceptive disclosures and settings” that destroyed user privacy, thereby violating a prior agreement Facebook signed with the commission in 2012. Joseph Simons, Chairman of the FTC said that the aim of the penalty is to change Facebook’s entire privacy culture to decrease the likelihood of continued violations.
Source: Viewers Corner News.