Facebook and Fines are Two synonymous words, and until now, it has rather gotten worse than better by the day
Before now, there was a rumor that made several rounds on the internet regarding Facebook having to remit another fine to the Federal Trade Commission (FTC), although there wasn’t a specific figure to back the rumor up, only speculations that placed the total fine amount within the range of Three to Five (3 to 5) billion dollars as the first time we heard about it.
Now, Facebook, in confirmation to the Rumore, has reportedly agreed to remit a sum total of $5 billion to the FTC as settlement for its alleged Privacy bridging which cut across several other offenses including Data breaches, data privacy scandals, among other controversial faults. There is no doubt that the company has recently become a victim of intense scrutiny from various regulatory boards and agencies across the globe, thanks to its many failures.
While Facebook has been getting a lot of hits lately, one of those that have been found persistent on the list is the US-owned Federal Trade Commission, who for the umptieth time has found Facebook guilty of another offense, although not an unfamiliar one.
According to a reliable source, the Trade Commission has agreed to settle their case against the social media giant to the tune of about $5 billion. Of course, you would wonder the reason for the huge fining, well, you may also want to consider the fact that the charge is against a company that makes even huger amount in terms of profit, so its definitely a no-brainer bargain.
While the new settlement is still yet to reach an agreement within the regulatory bodies, considering that it still requires a vote of acceptance by both Republican and Democratic Commissioners, it may take a while before it is further been addressed at the Justice Department.
Also, there are various antagonistic opinion suggesting that the supposed $5 billion fine will still not make any difference for the company that makes a lot more at the end of each Quarter, hence, it is not reason enough for Facebook to change from being itself, as it is beginning to get more comfortable with numerous fine settlement.
I guess for Facebook, “it is only paying its due”. As a matter of fact, the company’s business model largely relies on user data, so it is not expected to give up on such ambition any moment soon unless the regulatory body comes with a bigger penalty.