- 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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