On Friday, the news about The Federal Trade Commission’s $5 billion fine against Facebook hit the public with great speculation and awe. Everybody’s auntie’s favorite social network founded by CEO Mark Zuckerberg raked in over $15 billion in first-quarter revenue, despite struggling with various privacy and hate speech scandals, getting caught but in election interference reports and other platforms popping up that have recently slowed down the user growth. And now this… it seems like Facebook continues to win, despite any of this. In fact, according to Fox News, the platform’s stock price just shot up.
According to CNET.com, Facebook was fined over “privacy mishaps.” The FTC reportedly approved a settlement with them. However, they are still unsure if Facebook has violated a legal agreement it had with the US government to keep its users’ data private. In the past, it is alleged that 87 million users’ private data was mishandled during the Cambridge Analytica scandal.
When you think about it is kind of scary how much money the platform makes, and how much access they have!
In 2018, According to Alejandro Rioja’s Online Marketing and Ecommerce blog, with $55B in estimated yearly revenue and 2.27B active users, Facebook is making around $25 for each user worldwide, each year. If the government is trying to impact their bottom line, they might have to hit them a little harder.
This one of the of several big-name tech companies fined over the last year.