Facebook to settle privacy allegations with federal regulators: Report
Constellation Research founder Ray Wang on the outlook for Facebook, Google, Amazon and Facebook.
The Federal Trade Commission is set to announce Wednesday that Facebook has agreed to pay about $5 billion to settle allegations that it mishandled user privacy, Reuters reported on Tuesday, citing two people briefed on the matter.
As part of the settlement, the Menlo Park, California-based company will agree to create a board committee on privacy and will agree to new executive certifications on user privacy, the people told Reuters.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| FB | NO DATA AVAILABLE | - | - | - |
Earlier, the Washington Post reported that the FTC plans to allege that social media giant misled users about its handling of their phone numbers in addition to its use of a two-factor authentication feature, which allows users to receive a single-use password every time they log into their Facebook account.