Facebook Expects Up To $5bn Fine From US Privacy Probe

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By Simon

Updated April 24, 2019

This file illustration photo taken on March 22, 2018 in Paris shows a close-up of the Facebook logo in the eye of a person posing while she looks at a flipped logo of Facebook. Facebook is rapidly losing ground against rival internet platforms in attracting and keeping US teenagers, a survey showed May 31, 2018. The Pew Research Center report confirms a trend seen in other surveys, showing a sharp drop in Facebook’s share of what had long been a core age segment for the huge social network.The survey found 51 percent of US teens ages 13 to 17 use Facebook, compared with 85 percent for YouTube, 72 percent for Instagram and 69 percent who are on Snapchat. Christophe SIMON / AFP

Facebook said Wednesday it expects a fine of between $3 billion and $5 billion from US regulators investigating the huge social network’s mishandling of private user data.

In its quarterly earnings update, Facebook said it had set aside $3 billion from its first quarter results in reserve to pay any fine by the US Federal Trade Commission, which last year reopened its investigation into a 2011 privacy settlement with Facebook.

“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.”