The Facebook Inc. logo is displayed on an Apple Inc. iPhone in this arranged photograph taken in Greenwich, Connecticut, U.S., on Monday, April 23, 2019. As Facebook Inc.
prepares to report first-quarter results Wednesday, analysts are confident that the social-media company has moved past negative headlines that dogged the stock throughout the second half of 2018 and is positioned to monetize its massive user base in new ways.
That number, which the company said could ultimately range between three and five billion, correlates with the size of the fine the agency is expected to levy against the tech giant and would be represent the largest the FTC has ever imposed. Facebook’s decision to set aside billions of dollars comes as the company continues negotiating with the FTC on a settlement that would end its investigation. As part of those talks, federal officials have sought to force Facebook to pay a fine into the billions of dollars, sources previously told the Post. That would set a new record for the largest fine imposed by the FTC for a repeat privacy violation, after Google had to pay $22.5 million a few years ago.
The FTC came to determine that violations could result in a multi-billion dollar fine after computing the number of times Facebook breached a 2011 order with the government to improve its privacy practices. Privately, though, Facebook has argued to the FTC that it should be forced to pay much less, perhaps only into the hundreds of millions of dollars, according to a person familiar with the probe who was not authorized to discuss a matter that’s confidential under law.
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