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Facebook -2.7% on report FTC is investigating data issue

Published 03/20/2018, 09:40 AM
© Reuters. Facebook -2.7% on report FTC is investigating data issue
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  • Facebook (NASDAQ:FB) is seeing another rough opening, down 2.7%, on fresh word that the Federal Trade Commission is investigating.
  • The FTC is now trying to determine whether the company violated terms of a consent decree regarding the use of personal data, Bloomberg reports.
  • The violation at issue involves whether Facebook allowed research firm Cambridge Analytica to receive some user data in violation of its policies.
  • A finding of violation could mean fines of thousands of dollars per violation per day; with 50M affected users, that could come to $2T.
  • The Digital, Culture, Media and Sport Committee of England's House of Commons has made a request of CEO Mark Zuckerberg to appear to testify over user data: "We are sure you will understand the need for a representative from right at the top of the organization to address concerns. Given your commitment at the start of the New Year to "fixing" Facebook, I hope that this representative will be you."
  • Previously: Facebook plans staff meeting today to discuss data scandal (Mar. 20 2018)
  • Previously: Facebook's auditors stand down on UK government request (Mar. 19 2018)
  • Previously: NYT: Facebook security chief exiting company amid disagreements (Mar. 19 2018)
  • Now read: A Crown Prince Visit And EU U.S. Deal Making (Wall Street Breakfast Podcast)


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