Facebook Will Probably Face Multibillion-Dollar Fine Over Privacy Violations
Reportedly, the most famous social network worldwide, Facebook, is currently negotiating with the Federal Trade Commission about a multibillion-dollar fine due to privacy violations. Two sides have not agreed on the exact amount of fine yet.

Facebook privacy lapses

In March 2018, a big scandal, which shocked the whole world, arose between British political consulting firm, namely Cambridge Analytica, and Facebook. Due to the lack of users’ privacy in Facebook, the firm had gathered personal information of about 87 million people without their consent. Moreover, this information was used it for political purposes. The situation caused public protest, Facebook’ stock prices massively fell down, in a few days, about $100 billion were knocked off. Obviously, many people began to worry about their personal data, as Facebook was unable to safeguard the information. People, as well as politicians, demanded answers from the CEO of Facebook - Mark ZuckerbergThe situation made him to give testimony to Congress, where he acknowledged his mistake and apologized for it.

A “multibillion dollar” fine

Facebook could not get away with such a situation. The Federal Trade Commission started an investigation, where it proved that Facebook was guilty. So now the social network giant will face a fine. However, due to the amount of people who had suffered from this situation is enormous, the fine is correspondingly supposed to be big. According to The Washington Post, the fine, imposed on a tech company, would be the largest in history. Facebook replied to abovementioned news outlet that they “[had] been working with the FTC and [would] continue to work with the FTC.” Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/