FTC Reportedly Hits Facebook With Record $5 Billion Settlement

After months of negotiations, the Federal Trade Commission fined Facebook a record-setting $5 billion on Friday for privacy violations, according to multiple reports. The penalty comes after an investigation that lasted over a year, and marks the largest in the agency’s history by an order of magnitude. If approved by the Justice Department's civil division, it will also be the first substantive punishment for Facebook in the US, where the tech industry has gone largely unregulated. But Washington has taken a harsher stance toward Silicon Valley lately, and Friday’s announcement marks its most aggressive action yet to curb its privacy overreaches. Full details of the settlement were unavailable Friday afternoon, and the FTC and Facebook both declined to comment. The …