US Federal Trade Commission fined Facebook a record $5 billion over privacy violations

Federal Trade Commission (FTC) has voted approving for the fine of five billion dollars to be imposed on Facebook for its alleged privacy mishaps.

The fine comes after an FTC investigation into allegations that the social media platform inappropriately shared the information of 87 million users with Cambridge Analytica.

Cambridge Analytica, a British political consulting firm, is now closed. The Wall Street Journal reported that the vote was 3-2 along party lines, with Republicans in support and Democrats in opposition to the fine.

In most cases the Justice Department’s civil division will review settlements by the FTC but it is not clear how long this will take but it could be as early as next week.

Several advocacy groups and lawmakers expressed their displeasure with the FTC on Friday.

Democratic presidential candidate Elizabeth Warren called the FTC settlement “a victory for Facebook” Friday afternoon, accusing the trade commission of letting the social network off easy despite allowing US elections to be influenced improperly.

Warren’s presidential platform includes a call to break up tech giants like Facebook, Amazon, Google and Apple because they have too much power over the economy, society and democracy.

The reported fine would be a fraction of the billions of dollars Facebook rakes in from advertising every year. Facebook reported $15.08 billion in sales in the first quarter,” David Cicilline, a Democrat from Rhode Island said”

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