Facebook says that a federal investigation into its privacy practices could cost the company as much as $5B.
Facebook CEO Mark Zuckerberg speaks during a joint hearing of the Senate Commerce, Science and Transportation Committee and Senate Judiciary Committee on Capitol Hill on April 10, 2018.Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.Facebook said on Wednesday that a federal investigation into its privacy practices could cost the company as much as $5 billion.
“We estimate that the range of loss in this matter is $3.0 billion to $5.0 billion. The matter remains unresolved, and there can be no assurance as to the timing or the terms of any final outcome,” the companyThe FTC said last year it was investigating reports that the British consulting firm Cambridge Analytica improperlyto the data of tens of millions of Facebook users, seven years after Facebook agreed to improve its privacy practices to settle an earlier dispute with the FTC.
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