The FTC approves a ~$5B settlement with Facebook

The FTC approves a ~$5B settlement with Facebook. The Federal Trade Commission voted 3-2 in favor of levying a $5 billion fine on Facebook for the data privacy breach associated with Cambridge Analytica. The settlement is said to include tighter government restrictions on how Facebook manages user privacy, though specific details are still under discussion. For context, Facebook’s first quarter 2019 profit was $5 billion. Facebook stock finished up 1.8% on Friday when the FTC settlement was announced. Wall Street Journal