Facebook to Pay $100 Million in Fines to SEC

The Cambridge Analytica scandal is one of the worst things to happen to Facebook in a very long time indeed, and the fact of the matter is that the social media platform has been struggling to get past this enormous disaster. It seems like Facebook’s efforts to truly look into the scandal and make sure that their public image can be restored to what it used to be are not going to go very well since the Federal Trade Commission has fined $5 billion for privacy breaches during the scandal.

While this is an enormous fine, it seems to be just the tip of the iceberg as Facebook is also being fined by the Securities and Exchange Commission due to disclosures that were misleading in the wake of the scandal as Facebook had desperately tried to cover up what had happened in an attempt to try and secure its public image. While the SEC fine is not nearly as enormous as that of the FTC, coming in at around $100 million dollars, it is still a bit of a financial blow for the social media platform and there is also the fact that it will result in quite a bit of bad press for the social media platform.

Still, some would consider the fact that Facebook is getting fined as a kind of slap on the wrist since the social media platform is not being broken up the way it is being discussed in the EU. Still, with an oversight committee now being formed we can at least take solace in the fact that the social media platform will be under some pretty intense scrutiny for a while.

Photo: REUTERS/Toby Melville

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