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Facebook Debuts As Public Company With Initial Public Offering On NASDAQ Exchange

Source: Stephen Lam / Getty

The Wall Street Journal reported Friday that the FTC has voted to fine Facebook for privacy violations and mishandling user data.

According to the reports, the FTC is planning to fine Facebook $5 billion making it the largest given to a technology company.

Google was fined $22 million in 2012.

The fine is unlikely to make a dent in the social media giant’s deep pockets. Facebook generated nearly $56 billion in revenue last year and many analysts expect the company to earn about $69 billion this year.

Privacy advocates have been calling on the FTC to come down on Facebook for a decade, but over that time the company’s money, power and Washington influence has only increased.

“Privacy regulation in the U.S. is broken. While large after-the-fact fines matter, what is much more important is strong, clear rules to protect consumers,” said Nuala O’Connor, president and CEO of the Center for Democracy and Technology. The CDT is pushing for federal online privacy legislation.

Source: Associated Press