FTC hits Facebook with $5 billion fine and new privacy checks

By Arhama Altaf - Web Editor - BOL News

25th July, 2019

FTC hits Facebook with $5 billion fine and new privacy checks

Thursday 25th July, 2019

The Federal Trade Commission revealed the details of Facebook on Wednesday, saying it added new restrictions to the way the tech giant handles user data in hopes it will “change Facebook’s entire privacy culture.”

Shares of Facebook were down slightly following the announcement, but turned positive in the afternoon, up about a percent.

Facebook recouped more than what it will have to pay out for the settlement through what it gained in market value on Wednesday.

The stock added more than $5 billion to its market cap to bring it over $583 billion.

The 20-year agreement orders Facebook to restructure the way it handles user privacy—including changes at the board level and in the way the company will handle relationships with third-party developers.

The settlement also establishes new guidelines for how the company will be held accountable for future privacy violations.

You May Also Like

the Line of Control Latest
16th Oct, 2019

We shall never leave Kashmiris alone says COAS

Army Chief General Qamar Javed Bajwa said that Pakistan will never leave...

indian army Latest
16th Oct, 2019

Indian Army’s terrorism continues, Killed 3 Kashmiris

Indian state terrorism continues in occupied Kashmir. According to the details Indian...

U.S. conducts cyber-attack on Iran International
16th Oct, 2019

U.S. conducts cyber-attack on Iran

The United States has conducted a secret cyber-attack against Iran. US carried...

Karachi Super Highway firing Pakistan
16th Oct, 2019

3 people killed in firing on Karachi Super Highway

Three people were killed and several injured in firing incident at Karachi...