“This reported US$5 billion penalty is barely a tap on the wrist, not even a slap,” said Senator Richard Blumenthal, a Connecticut Democrat, who called for a hearing on the agreement. “Such a financial punishment for purposeful, blatant illegality is chump change for a company that makes tens of billions of dollars every year,” Blumenthal said.
(July 13): US officials approved a record US$5 billion ($6.8 billion) privacy settlement with Facebook Inc. to resolve the Cambridge Analytica data scandal, people said, prompting an immediate outcry from lawmakers and privacy advocates who said it didn’t go far enough.
Although details of the settlement with the US Federal Trade Commission weren’t announced, the fine is steep but far from devastating for Facebook. The company, which reported revenue of almost US$56 billion in 2018, had set aside US$3 billion in anticipation of the fine.
