Facebook is to be fined 5 billion dollars by US regulators following an investigation into the social media giant’s failures to protect user privacy, the Wall Street Journal reported on Friday.
Commissioners at the Federal Trade Commission (FTC) had voted 3-2 in favour of the settlement agreement in the past week, the paper reported citing people familiar with the matter. It added that it was not clear how long it would take to finalize.
The probe into Facebook began last year after it was revealed that the data of up to 87 million users had been accessed by Cambridge Analytica, a London-based political consulting company that worked on President Donald Trump’s 2016 campaign.
The FTC and Facebook refused to confirm the report but the social media giant said it expected a loss of up to 5 billion dollars due to the scandal in its first quarter earning report published in April.
The Justice Department is now to review the agreement, but it does not usually change decisions made by the FTC, the Journal reported.