Twitter warns of massive fine over alleged misuse of personal information
Federal Trade Commission accused social media platforms of using personal data for targeted ads
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Social media giant Twitter warned on Monday that it could be fined hundreds of millions of dollars for allegedly misusing users’ personal data for advertising purposes.
In a filing with the U.S. Securities and Exchange Commission, the company said it recently received a draft complaint from the Federal Trade Commission claiming it violated a consent order by using phone numbers and email addresses, which were provided by users for safety and security purposes to target advertising from 2013 through 2018.
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Twitter estimates its loss as a result of a potential fine ranges between $150 million and $250 million.
The company said that the matter remains “unsolved”.
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Twitter also warned that a recent, high-profile security breach could negatively effect the company, including causing reputation damage and a loss of trust among users.
Charges related to the breach were filed against three, including two teenagers, people at the end of last month.
A number of public figures, including former President Barack Obama’s, accounts were hacked as a result.