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Facebook Expects to Be Fined Up to $5 Billion by FTC Over Privacy Issues

Facebook said on Wednesday that it expected to be fined up to $5 billion by the Federal Trade Commission for privacy violations. The penalty would be a record by the agency against a technology company and a sign that the United States was willing to punish big tech companies.

The social network disclosed the amount in its quarterly financial results, saying it estimated a one-time charge of $3 billion to $5 billion in connection with an “ongoing inquiry” by the F.T.C. Facebook added that “the matter remains unresolved, and there can be no assurance as to the timing or the terms of any final outcome.”

Source: Facebook Expects to Be Fined Up to $5 Billion by F.T.C. Over Privacy Issues – The New York Times

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