According to The Wall Street Journal, the 3-2, party-line vote by FTC commissioners was carried by the Republican majority and will be moved to the Justice Department’s civil division to be finalized.
A $5 billion payout seems like a significant sum, but Facebook had already set aside $3 billion to cover the cost of the settlement and the company could likely make up the figure in less than a quarter of revenue (the company’s revenue for the last fiscal quarter was roughly $15 billion). Indeed, Facebook said in April that it expected to pay up to $5 billion to end the government’s probe.
The settlement will also include government restrictions on how Facebook treats user privacy, according to the Journal.
We have reached out to the FTC and Facebook for comment and will update this story when we hear back.
Ultimately, the partisan divide which [...]