Facebook climbs after the FTC approves the company’s $5 billion privacy settlement (FB)

FILE PHOTO: Facebook CEO Mark Zuckerberg testifies before a House Energy and Commerce Committee hearing regarding the company’s use and protection of user data on Capitol Hill in Washington, U.S., April 11, 2018. REUTERS/Aaron P. Bernstein/File Photo/File Photo

  • Facebook stock extended gains in late trading Friday soon after the FTC authorized a $five billion settlement payment with the social media organization. The stock closed up approximately two%.
  • The payment resolves an investigation stemming from the Cambridge Analytica scandal.
  • The FTC settlement marks the most considerable action nonetheless towards Facebook for its series of missteps that compromised users’ information and privacy.
  • View Facebook trade reside right here.

Facebook stock rose in the final number of minutes of frequent-hrs trading on Friday soon after the US Federal Trade Commission authorized a record privacy settlement with the social media organization, requiring it to shell out about $five billion.

The stock closed up practically two% at $204.87 at a share and continued to climb somewhat in soon after-hrs trading.

The multi-billion-dollar penalty will resolve an investigation stemming from the Cambridge Analytica scandal that occurred in early 2018. The settlement was authorized by a vote of three-two, in accordance to Bloomberg.

The settlement marks the most considerable action nonetheless towards the social media giant in excess of a number of missteps that compromised users’ information and led to efforts in Washington to increase on line privacy measures. The scandal also sparked a push to insulate social networks from online disinformation campaigns very similar to people made use of by Russian trolls in 2016 ahead of the 2020 presidential election.

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