(CNBC) The Federal Trade Commission approved an approximately $5 billion settlement with Facebook over the company’s 2018 Cambridge Analytica scandal, a person familiar with the matter told The Wall Street Journal.
The fine represents the largest ever imposed by the FTC against a tech company. Previously, the agency’s largest fine against a tech company came in 2012 when Google agreed to pay a $22.5 million penalty due to its privacy practices. The fine would represent approximately 9% of Facebook’s 2018 revenues.
Facebook took a one-time charge of $3 billion in anticipation of the FTC fine in April during the company’s first-quarter results.
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