It's Official: Facebook to Pay $5 Billion Fine to FTC
Ahead of Facebook's (NASDAQ: FB) second-quarter earnings release after the market closes today, the U.S. Federal Trade Commission has officially announced its record $5 billion penalty that it is imposing on the world's largest social networking company. The fine had been widely expected, as negotiations had been ongoing for months, and investors cheered reports that the settlement was imminent, even if the penalty is at the high end of what Facebook had been expecting.
Here's what investors need to know about the settlement.
CEO Mark Zuckerberg. Image source: Facebook.
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