Facebook expects $3B-$5B fine over Cambridge Analytica
Facebook believes that a Federal Trade Commission (FTC) probe into the company's handling of the Cambridge Analytica scandal could end up costing it between $3 billion and $5 billion.
The social network disclosed to investors in its quarterly earnings report on Wednesday that it had already set aside $3 billion as a legal expense. Facebook said that it had not yet reached a settlement with the agency, and it's unclear when the case would be resolved.
An FTC spokeswoman declined The Hill's request for comment, but any multibillion-dollar fine over privacy violations would be a record for the U.S.
It might not do lasting damage to Facebook, however, which revealed on Wednesday that it had made more than $15 billion in revenue through the first three months of 2019.
https://thehill.com/policy/technology/440514-facebook-says-it-expects-3b-5b-fine-over-cambridge-analytica-scandal
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