Facebook Expecting $3 billion Fine From US Federal Trade Commission
Facebook has said it is expecting a fine of between $3 billion and $5 billion from US regulators investigating the huge social network’s mishandling of private user data.
Facebook, in its quarterly earnings update said it had set aside $3 billion in its reserve to pay for such fines after the US Federal Trade Commission opened an investigation last year into a 2011 privacy settlement with the company.
“We estimate that the range of loss in this matter is $3.0 billion to $5.0 billion,” the company said.
“The matter remains unresolved, and there can be no assurance as to the timing or the terms of any final outcome.” The statement added.