The United States Federal Trade Commission, FTC has approved an amount of 5billion United States dollars facebook settlement over its investigation of the social media company’s handling of personal user data. The Federal Trade Commission for some months has been investigating facebook for allegations of inappropriately sharing information of about 87million users with defunct British political company Cambirdge Analytica.
The probe has been focused on whether sharing of user data to Cambridge Analytica violated a 2011consent agreement between the social media giant and the regulator. Shares of facebook rose after the news was reported by the wall street journal early Friday 12th of July 2019 and closed up to 1.8%. Beginning of 2019, facebook explained it has set aside $3billion to pay off its penalty.
The settlement still needs to be finalized by the US department civil division and then final announcement could follow maybe next week
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