Facebook is reportedly negotiating a multi-billion-dollar fine with the US Federal Trade Commission in response to the social media giant’s past privacy practices.
According to The Washington Post, the specific amount has yet to be determined, but it will likely be larger than the largest fine ever imposed: $22.5 million on Google in 2012.
Facebook has been riddled with privacy scandals and has been found negligent in its oversight of third-party app’s access to user data on its platform.
Most notable was the Cambridge Analytica scandal when approximately 87 million users had their private data accessed by the political consulting firm.
After the Cambridge Analytica story broke, the FTC opened an investigation into the social media giant and its multiple breaches.
If no settlement fine is agreed upon, the agency is likely to bring Facebook to court over its negligence.
Despite the several data privacy breaches throughout the year, Facebook still post an impressive 61% year-on-year increase in Q4 profit to a record US$6.9 billion.
Many organisations have contacted the FTC to urge it to fine at least $2 billion, as anything in the millions would be ineffective to a social media platform of its size and influence.
