Facebook braces for $5 billion FTC fine after data privacy probe

Facebook said Tuesday it may be fined as much as $5 billion by the Federal Trade Commission, which has been investigating the social media giant’s handling of user data for more than a year.

The commission, which reached a settlement in 2011 with the Menlo Park, Calif.-based company on its handling of user data, said in March 2018 that it had begun a nonpublic investigation after “press reports raising substantial concerns.” It set aside $3 billion to cover the charge during the first three months of 2019 and noted it may have to pay as much as $2 billion more.