Another year, another day, and you are again reading news about Facebook about to get fined by the FTC. And this time, the money could be greater than what the tech giant had already paid — it could be in a multi-billion dollar magnitude.
It goes without saying that the underlying reason behind the record fine is the imperfections in Facebook’s privacy practices (Facebook knows better). Basically, Facebook failed to maintain transparency and inform users clearly how their data was shared with third parties. Thus, it violated a 2011 agreement with the regulatory body.
However, the FTC and the blue network are still under negotiations over the exact fine the company would have to pay, sources told The Post. Also, Facebook is expected to make some changes in its business practices.
If Facebook fails to live up to the expectations of the regulatory body, then the matter would be dragged to court. Where, of course, the Zuckerberg-led firm would have tons of money to turn the table around.
For a reference, it was back in 2012 when the FTC reaped $22 million from Google, the highest ever from a tech company. But it’s 2019, and that much money is not a lot more than a bucket in the ocean if we bring Facebook’s finances into the picture. But if FTC is able to rope in cash from the company, it would surely set an example for the other companies as well.