Facebook May Face $5 Billion FTC Fine for Data Misuse

Ouch!…:

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The social-media giant in a Wednesday release for its Q1 2019 earnings said that it was setting aside $3 to $5 billion as a contingency expense “in connection with” the FTC’s investigation of its user-data practices.

“In the first quarter of 2019, we reasonably estimated a probable loss and recorded an accrual of $3 billion in connection with the inquiry of the FTC into our platform and user-data practices, which accrual is included in accrued expenses and other current liabilities on our condensed consolidated balance sheet,” according to the release. “We estimate that the range of loss in this matter is $3 billion to $5 billion. The matter remains unresolved, and there can be no assurance as to the timing or the terms of any final outcome.”

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Original article here