United States regulators approve $5 billion Facebook settlement over privacy issues

Last Updated: Jul 13 2019 15:21
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A source familiar with the situation on Friday said that the United States Federal Trade Commission approved a roughly $5 billion settlement with Facebook Inc this week over its investigation into the social media company's handling of user data.

The FTC has been probing accusations Facebook inappropriately shared information belonging to 87 million users with the now-defunct British political consulting firm Cambridge Analytica. 

The investigation has focused on whether the sharing of data and other disputes violated a 2011 consent agreement between Facebook and the regulator.

Shares of Facebook rose after the news was reported by the Wall Street Journal earlier on Friday and closed up 1.8%. Facebook earlier this year said it had set aside $3 billion to pay for what it said could be a $5 billion penalty.