Sources: in a 3-2 vote, FTC commissioners have approved a record $5B settlement with Facebook over the company's privacy violations
or one month's worth of revenue Swati Khandelwal / The Hacker News : Facebook to Pay $5 Billion Fine to Settle FTC Privacy Investigation Howard Lindzon : Why Facebook Needs Libra Mark Wyciślik-Wilson / BetaNews : FTC to fine Facebook $5 billion for Cambridge Analytica privacy violations Casey Newton / The Verge : Facebook reportedly reaches $5 billion settlement with the Federal Trade Commission Salvador Rodriguez / CNBC : Facebook to be slapped with $5 billion fine for privacy lapses, say reports Gigi Sukin / Axios : FTC votes to approve nearly $5 billion in settlement with Facebook Inc42 Media : Facebook Looking At Massive $5 Bn FTC Fine In The US João Carrasqueira / Neowin : Facebook will reportedly pay $5 billion to the FTC over Cambridge Analytica scandal Rob Price / Business Insider : Why Facebook's stock jumped despite facing a record-breaking $5 billion FTC penalty: ‘A slap on the wrist’ BBC : Facebook ‘to be fined $5bn over Cambridge Analytica scandal’ Greg Sterling / Marketing Land : FTC slaps Facebook with long-awaited $5 billion fine for privacy violations Nancy Scola / Politico : FTC approves $5B Facebook settlement that Democrats label ‘chump change’ Peter Kafka / Vox : Facebook is being fined $5 billion for privacy violations, and Wall Street thinks that's great news Mikael Thalen / The Daily Dot : FTC approves record $5 billion settlement with Facebook April Glaser / Slate : Facebook's $5 Billion Fine Is Historic. It May Also Be a Slap on the Wrist. Karissa Bell / Mashable : Facebook got hit with $5 billion fine, but it's what comes next that matters most Todd Spangler / Variety : FTC Approves $5 Billion Fine Against Facebook for Privacy Violations Evan Selleck / iDownloadBlog.com : Facebook reportedly fined $5 billion by FTC due to privacy violations Mathew Katz / Digital Trends : The FTC will hit Facebook with a $5 billion fine over privacy violations Bob Cronin / Newser : FTC Votes 3-2 to Hit Facebook With $5B Penalty Caitlin McGarry / Tom's Guide : Facebook Faces $5 Billion Fine Over Privacy Disaster Stephanie Condon / ZDNet : FTC reportedly approves $5B settlement with Facebook Olivia Rudgard / Telegraph : Facebook to be hit with $5bn US fine over Cambridge Analytica scandal PYMNTS.com : Facebook And FTC Reach $5B Settlement James Gelinas / Komando.com : Pay up, Facebook! FTC approves record $5 billion fine over privacy blunders Seth Fiegerman / CNN : FTC reportedly approves $5 billion settlement with Facebook NBC News : Facebook to pay $5 billion to settle FTC privacy investigation Bloomberg : Facebook $5 Billion U.S. Privacy Settlement Approved by FTC Patrick Kulp / Adweek : FTC Said to Reach $5 Billion Settlement With Facebook Over Privacy Issues Hanna Kozlowska / Quartz : Facebook has been slapped with a massive fine that won't hurt it in the slightest Bryan Menegus / Gizmodo : FTC ‘Failed Miserably’ in Punishing Facebook With $5 Billion Fine, Democrats Say Harper Neidig / The Hill : FTC settles with Facebook for $5 billion fine: report Queenie Wong / CNET : Facebook will reportedly be fined a record $5 billion over privacy mishaps C. Scott Brown / Android Authority : Facebook will pay a $5 billion fine for one of its many, many privacy scandals Eric Slivka / MacRumors : Facebook to Be Fined $5 Billion in Cambridge Analytica Privacy Scandal Michael Potuck / 9to5Mac : Facebook smacked with record $5 billion fine by FTC over privacy violations Edgar Alvarez / Engadget : WSJ: Facebook reaches $5 billion FTC settlement Rob Price / Business Insider : The FTC has approved a roughly $5 billion settlement with Facebook Cecilia Kang / San Francisco Chronicle : FTC approves Facebook fine of about $5 billion Julia Carrie Wong / The Guardian : Critics say the FTC's $5B settlement with Facebook is a “parking ticket” to the company, which had more than $15B in revenue in the first three months of 2019 Stephen E. Arnold / Beyond Search : Facebook: Fine and a Reminder of Ozymandius? Shanti S Nair / Reuters : FTC approves roughly $5 billion Facebook settlement: WSJ Tweets: Donald J. Trump / @realdonaldtrump : ....Similarly, Facebook Libra's “virtual currency” will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National... Rat King / @mikeisaac : the fact that fb shares surged instead of sank on the FTC news is the story https://www.nytimes.com/... https://twitter.com/... David Cicilline / @davidcicilline : The FTC just gave Facebook a Christmas present five months early. Dan Stoller / @realdanstoller : .@RonWyden not happy with #FTC pic.twitter.com/dg7ewd1n22 Nassim Nicholas Taleb / @nntaleb : Not how markets work. If the stock price surged on the news, it means the price (which had been pricing-in the information way before the announcement) was embedding the expectation of a more severe fine. https://twitter.com/... @aclu : When invasion of privacy occurs at this scale, no fine — even a $5 billion fine — can adequately provide restitution to the over 87 million people whose rights were violated. Once lost, a person's rights can't be restored. https://twitter.com/... Dan Stoller / @realdanstoller : .@MarkWarner also sounding off re: #Facebook. pic.twitter.com/eGW2IlhY1K Peter Kafka / @pkafka : Facebook said it may have to pay FTC up to $5 billion https://s21.q4cdn.com/... now they are https://www.wsj.com/... Key line: “A settlement is expected to include other government restrictions on how Facebook treats user privacy.” Dan Stoller / @realdanstoller : .@SenBlumenthal is purely pissed here. Calls for #FTC hearings. pic.twitter.com/tKbv2T1dmF Christopher Mims / @mims : In wake of record $5 billion FTC fine, Facebook's stock is very nearly at an all-time high https://twitter.com/... Kara Swisher / @karaswisher : As I had previously written, a parking ticket and no rules: “But none of the conditions in the settlement will impose strict limitations on Facebook's ability to collect and share data with third parties.” F.T.C. Approves Facebook Fine of About $5 Billion https://www.nytimes.com/... Siva Vaidhyanathan / @sivavaid : Yes. Facebook baked this penalty into the share price months ago, setting up a surge when the fine matched expectations. Facebook made back the fine in hours. https://twitter.com/... Walt Mossberg / @waltmossberg : As this story notes, we shouldn't be fooled by the size of this fine. It may be a record for the timid FTC, but $5 billion is chump change for Facebook, which had $15 billion in revenue last *quarter*. Only a breakup, or new governance, or strong regulation, will matter. https://twitter.com/... Ashkan Soltani / @ashk4n : I have no direct knowledge but if its 3/2 and I had to guess: 1) the settlement likely absolves Facebook for conduct well beyond just Cambridge Analytica 2) the amount of direct liability on Zuckerberg is likely very limited @shahmiruk : Absolutely. Even $5 billion isn't enough. Facebook facilitated the perversion of democracies across the globe and is still doing it. It, as a company, is a danger to all of us. @chrisinsilico's revelations that led to this should have resulted in a total collapse of FB. https://twitter.com/... Tony Romm / @tonyromm : it is still possible that the FTC didn't do the job it could have/should have/was expected to do on facebook, but again, i just think it's much more complicated than some of the twitter pundits have presented it to be Tony Romm / @tonyromm : these things will be litigated politically in the coming weeks, but it's important to be precise. i detailed the settlement more fully in a piece two months ago, and here are the additional elements on the table https://www.washingtonpost.com/ ... Tony Romm / @tonyromm : i think some of the discourse around the FTC/FB settlement is misleading. first, it's more than a fine, and we've reported those details, and folks are suggesting otherwise. and second, there's a difference between a weak agency and a weak law, and us doesn't have a privacy law Richard Blumenthal / @senblumenthal : The FTC is foolish & foolhardy to rely on money alone to punish decades of past privacy violations & ongoing profiteering. https://twitter.com/... Elizabeth Warren / @senwarren : The FTC just voted to let Facebook off easy with a $5 billion settlement for compromising the data of tens of millions of Americans and allowing our elections to be improperly influenced. https://www.wsj.com/... Steve Faktor / @ideafaktory : Whatever you think of Facebook or this fine, 8% of annual REVENUE is not a “parking ticket”. Last year's net income was $22B. This would be over 20% of that. https://twitter.com/... John S. Wilson / @johnwilson : This kind of criticism is silly at best. Fines aren't based on company revenue, they're based on the infraction(s). And the fine isn't the only deterrent to prevent future misbehavior. https://twitter.com/... Ari Ezra Waldman / @ariezrawaldman : that a fine is record setting says much more about the FTC being asleep at the wheel for so long than it does abou the effectiveness of this agreement. We need structural changes, not just monetary fines, and a change in orientation in how companies use our data. https://twitter.com/... @czedwards : [Facebook] had more than $15bn in revenue in the first three months of 2019. “This isn't a fine, it's a favor to Facebook, a parking ticket which will clear them to conduct more illegal and invasive surveillance,” said Matt Stoller, a fellow at the Open Markets Institute... https://twitter.com/... Elettra Bietti / @elibietti : 'Shares of Facebook surged to $205.27 — the stock's highest price in the past year — in after-hours trading on Friday after news of the vote became public.' says it all... https://twitter.com/... Jesse Eisinger / @eisingerj : Fines don't curb corporate malfeasance. Even seemingly large ones. https://twitter.com/... April Glaser / @aprilaser : Facebook made $55 billion in 2018. It made over $40 billion in 2017. Google has been fined over $9.5 billion from the EU in the past three years, for perspective. Mathew Ingram / @mathewi : Friday news dump. Also, Facebook makes $5 billion roughly every three days https://twitter.com/... Rob Manuel / @robmanuel : Facebook shouldn't be fined in cash but stock. Every fine turning over a fraction of ownership of the company to the Gov. Behave or we'll nationalise you bit by bit. https://twitter.com/... John S. Nash / @heynottheface : Less than 1/5th their operating income. What a joke. https://twitter.com/... Wolfie Christl / @wolfiechristl : The settlement plus a $5bn fine would be fine if it would only cover specific misconduct and impose remarkable future restrictions. It's bad if it ends all open investigations and lets FB get a free ride for its data business. Most likely, it's the latter. https://www.washingtonpost.com/ ... Joe Ortiz / @leojtravis10 : The FTC are'nt your friends folks. It's a guarantee FB will do something like this again in a year or two and you're insane if you don't believe that. https://twitter.com/... Jason Kint / @jason_kint : $5 BILLION settlement tells you. (1) It was as bad as a few of us always thought it was. (2) A lot of evidence and wrongdoing may now be buried in the past. (3) Let's trust state AGs, SEC, others discover #2 (4) It's Friday night, I bet Facebook jumped it. https://twitter.com/... Sheera Frenkel / @sheeraf : The reaction within FB to the FTC fine of $5 billion is... relief. Relief that it is over and won't continue to be part of the news cycle for months to come, and that the talk of directly punishing Zuckerberg was what they always suspected- a negotiation tactic. @nytopinion : A $5 billion fine has been approved for Facebook, the biggest ever for a tech company. @cwarzel wrote in anticipation of the move, noting that it allows both Facebook and the FTC to save face and solemnly pronounce that justice has been served. https://nyti.ms/2NQRdTl Hamza Shaban / @hshaban : Facebook is valued at $584.8 billion. The fine is less than 1% of that amount. The market responds: https://www.washingtonpost.com/ ... pic.twitter.com/j6lVjsMvmr Rick Holland / @rickhholland : Facebooks hears about the proposed Marriott #GDPR fine and says “hold my beer.” pic.twitter.com/gqsRWWGagR Richard Nieva / @richardjnieva : FTC votes to fine facebook 5 instagrams https://www.wsj.com/... Matt Stoller / @matthewstoller : FTC is a consensus based commission. Or was, anyway. This settlement is a joke. Congress is already angry at the FTC. Here's @SenBlumenthal and @HawleyMO when rumors of this pathetic settlement came out in May. https://www.vox.com/... https://twitter.com/... Dell Cameron / @dellcam : facebook shares move sharply to highest price on Friday as news of a historic $5 billion fine breaks pic.twitter.com/09qogUyQ53 Charlie Warzel / @cwarzel : In light of the news that Facebook will be fined $5 billion - here's my column from April about what *an actual penalty* would look like for Facebook. https://www.nytimes.com/... Anil Dash / @anildash : Surely they've learned their lesson! https://twitter.com/... Nilay Patel / @reckless : Facebook did $15 billion in revenue last quarter alone https://twitter.com/... Dean DeChiaro / @deandechiaro : Flashback to May when @HawleyMO and @SenBlumenthal said $5 billion would be a “bargain” for Facebook. https://twitter.com/... Geoffrey A. Fowler / @geoffreyfowler : The FTC just slapped Facebook with a record $5 billion settlement for privacy violations. Reminder: Facebook's 2018 profit was a record $22 billion. https://wapo.st/2Lgpnh2 Josh Constine / @joshconstine : The meat of the penalty better come in other sanctions since $5B is merely what Facebook profits per quarter https://www.wsj.com/... Matt Stoller / @matthewstoller : This settlement is incredibly pathetic, even for supposed libertarians @FTCPhillips and Christine Wilson. They lack the integrity to even say what they really think, which is Facebook did nothing wrong. Just losers all around. https://twitter.com/... Matt Stoller / @matthewstoller : The Facebook settlement shows two things. First, Congress should investigate the Federal Trade Commission and cut its budget. Second, state attorneys general like @AGKarlRacine are the only hope to enforce the law. https://www.wsj.com/... David Carroll / @profcarroll : FTC votes along party lines to fine repeat-offender Facebook $5B for the #CambridgeAnalytica mass data abuse scandal. Additional restrictions that may be imposed have not yet been reported. #TheGreatHack https://www.cnbc.com/... Ashkan Soltani / @ashk4n : A 3-2 vote along party lines is definitely not ideal for an FTC settlement of this magnitude: https://www.wsj.com/...