US regulators have approved a record $ 5 billion fine for Facebook over a breach of privacy.
The Federal Trade Commission was investigating allegations that the political consulting firm, Cambridge Analytica used the data of 87 million users of Facebook. The investigation began in March 2018 and focused on whether Facebook had breached a 2011 agreement that required users to be clearly notified and given explicit consent to share their data.
The $ 5 billion fine now needs to be finalized by the Justice Department’s civilian division, and if confirmed, it will be the largest US regulator ever imposed on a technology company.
However, the figure appears to have been predicted by Facebook itself, which earlier this year said it expected a penalty of up to $ 5 billion. Investors have also responded positively to the news, with shares of Facebook rise, rather than depreciating.