SAN FRANCISCO — Facebook said on Wednesday that it expected to be fined up to $5 billion by the Federal Trade Commission for privacy violations, in what would be a record penalty by the agency against a technology company. The social network disclosed the amount in its quarterly financial results, saying it estimated a one-time charge of $3 billion to $5 billion in connection with an “ongoing inquiry” by the F.T.C. have been in negotiations for months over a financial penalty for claims that Facebook violated a 2011 privacy consent decree. Global regulators, privacy advocates and the technology industry have watched the investigation as a referendum on the ability of the United States to rein in the power of tech behemoths. A fine of $3 billion to $5 billion would be a milestone for the F.T.C., which is regarded as having allowed the tech industry to grow unfettered.

Source: New York Times April 24, 2019 20:23 UTC