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

Channels Television  
Updated April 24, 2019

 

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.”