Facebook $3 Billion Penalty – Facebook’s Billion Dollar FTC Fine
As in recent past, Facebook is suffering from privacy lapses and user data leakage. Now Facebook has been fined $3 Billion for its Cambridge Analytica Scandal. Facebook $3 Billion Penalty reasons are as follow:
- Privacy Lapses
- User Data Leak
- Cambridge Analytica Scandal
American consumer interest protecting company that is the Federal Trade Commission (FTC) imposed a fine range from $3 Billion to $5 Billion. Because of user data and privacy lapses, this fine is imposed. Facebook $3 Billion Penalty or fine means that $34.5 penalty per user.
This amount is a record penalty imposed by FTC to any technology company. 87 million of Facebook’s user personal information was compromised in the Cambridge Analytica Scandal. Due to this carelessness of Facebook, FTC imposed $3 Billion fine on Facebook. If we breakdown the fine, it is just $34.5 per user.
Mark Zuckerberg has also concerns over the Facebook privacy lapses. He said in an interview that we are trying our best to enhance the privacy strength of Facebook. He also said that Facebook is trying to build a privacy-focused vision of Facebook and other social media companies that are owned by Mark Zuckerberg.
Users and Impact of Fine
Around 2.7 billion people use Facebook, Messenger, Whatsapp, and Instagram on a daily basis. So, the privacy of the user’s personal data is a must. Although Facebook has suffered financial loss in the recent past because of privacy lapse scandal but Facebook is still growing over the globe. Facebook $3 Billion Penalty will not impact much on Facebook’s financials as FB earned $2.4 billion profit in the first quarter of 2019.
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