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Photo by Michele Doying / The Verge
Facebook expects to face a massive fine of up to $5 billion from the Federal Trade Commission (FTC) as the result of an investigation into its privacy policies—that’s about one month’s revenue for the social media giant.
To be clear the amount of fine is not what the FTC has announced or hinted yet; instead, it’s an estimated due that Facebook disclosed on Wednesday in its first quarter 2019 financial earnings report.
In its earnings report, Facebook said the company had set $3 billion aside in anticipation of the settlement with the FTC, who launched a probe into Facebook following the Cambridge Analytica scandal.
The probe centers around the violation of a 2011 agreement Facebook made with the FTC that required the social media to gain explicit consent from users to share their data.