Facebook will pay $5 billion and submit to "government restrictions" in the largest-ever Federal Trade Commission settlement imposed for privacy violations.
The settlement includes "government restrictions on how Facebook treats user privacy," Reuters and the Wall Street Journal reported citing sources familiar with the matter.
But neither report specifying what those restrictions might be.
The FTC only narrowly approved the fine in a vote that came down along party lines, with Republicans voting for the fine, while Democrats did not.
The fine punishes Facebook for allowing as many as 87 million users' data to fall into the possession of political consulting firm Cambridge Analytica in violation of a 2012 FTC consent decree.
Under that agreement, reached after Facebook had already repeatedly violated user trust by sharing data with advertisers and app developers, the platform pledged to obtain explicit consent before serving up users' private information to third parties.
Nor was Cambridge Analytica the only violation the FTC uncovered: during the investigation, which began last March, the regulator found over 150 data-sharing partnerships with third-party corporations that saw reams of private data change hands without the knowledge or consent of the user.
Even though the fine is larger by a factor of 100 than the next-largest FTC penalty for privacy violation, it's also less than a tenth of Facebook's 2018 revenue and a fraction of its $600 billion valuation.
Many of the company's critics – including the two Democratic commissioners who voted against it – felt it didn't go far enough, pushing for the agency to actively rein in Facebook's abuses lest other companies follow its example.
Facebook's legal troubles are far from over.
Washington DC, New York and other states are suing the company over its numerous privacy lapses, including the data-sharing deals and unauthorized hoarding of users' email addresses.
Several members of Congress, including Josh Hawley (R-Missouri) and Mark Warner (D-Virginia), have proposed legislation to rein in Big Tech abuses.
President Trump just this week had a Social Media Summit, and why not.
Donald Trump is America's first President to truly embrace social media and use it to directly communicate with the American people.
So it was only natural that he would convene the first-ever social media summit at the White House.
The overwhelming majority of summit participants – about 250 digital leaders, social media influencers, and members of Congress – aren't trolls*** and certainly aren't extremists.
But the Fake News media continues to brand Conservative voices as such serves a purpose: to undermine their credibility.
***President Trump (The Puppetmaster) does in fact troll the Democrats and with great success, I might add 🙂
Facebook in 2018 banned our former website BluePillSheep.com 21-times for a total of 27 weeks, in essence, they shut us down for half of 2018, and for what reason?
Despite, our pleading to let us know what we did wrong so we may correct whatever problem they had…
In spite of filing 10 BBB complaints…
Facebook never explained why we were consistently sent to Facebook jail.
In some cases after making just ONE POST upon getting paroled from FB jail.
Amazingly, on January 1st, after creating BackroomBuzz.com and closing our former website, despite us writing, posting and doing the exact same things we did under BluePillSheep.com.
We have received only one 24-hour ban through the first half of 2019?