Facebook is facing a $5 billion payout over its privacy woes.
According to a report published by The Wall Street Journal on Friday, the US Federal Trade Commission (FTC) has approved a roughly $5 billion settlement with the Californian technology giant — a record-breaking payout for a tech company.
The reported settlement comes following an investigation by the American regulator into the company’s myriad privacy issues and follows two years of constant scandals.
Facebook previously warned investors that it expected to pay out between $3-5 billion, and the company’s stock climbed slightly upwards on the news.
The WSJ’s report cited an anonymous source familiar with the matter. A spokesperson for Facebook declined to comment or confirm the figure. A spokesperson for the FTC did not immediately respond to Business Insider’s request for comment.
The settlement is equivalent to roughly one month of Facebook’s revenues.
This story is developing; we will update you as we learn more…
