Hi Friends,
Facebook set aside $2.0 Billion last quarter for a settlement with the Federal Trade Commission (“FTC”) in abuse of user data, in which it allowed multiple partners to gain access to data that customers did not agree to.
News has come out recently that the new amount is going to be $5.0 Billion, so the extra $3.0 Billion was a surprise and is certain to affect Facebook’s stock price. The previous high the FTC collected for a breach in an FTC order was only $22 million, so this amount is unprecedented.
Personally, I am curious to see where the money goes – does it go to the FTC/government or will Facebook users get any portion of that?
What are your thoughts on all of this?
Thanks for coming by today,
Brian
