FTC approves roughly $5B Facebook settlement: Report

FBN’s Susan Li and Deirdre Bolton on reports the Federal Trade Commission reached a settlement with Facebook over the social media platform’s privacy missteps and President Trump raising concerns over Facebook’s plans to launch a cryptocurrency.

The Federal Trade Commission voted this week to approve a $5 billion settlement with Facebook to resolve a lengthy probe into the social media giant’s data privacy practices, according to a report on Friday.

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FTC commissioners approved the settlement by a 3-2 vote along party lines, the Wall Street Journal reported, citing sources familiar with the matter. The settlement is subject to the review and approval of the U.S. Department of Justice, but it is expected to proceed. Facebook shares curbed losses on the report closing with a gain of nearly 2 percent.

Ticker Security Last Change %Chg
FB FACEBOOK INC. 204.87 +3.64 +1.81%