Title Title
Facebook under investigation, says US consumer protection agency Facebook under investigation, says US consumer protection agency
Summary Summary
Facebook's stock saw another drop after the announcement Facebook's stock saw another drop after the announcement
Highlights Highlights
Content Content
<strong>Facebook stocks took another <a href="https://www.google.co.uk/search?q=NASDAQ:FB&amp;stick=H4sIAAAAAAAAAONgecRoyi3w8sc9YSmdSWtOXmNU4-IKzsgvd80rySypFJLgYoOy-KR4uLj0c_UNiqosM0pyeAC6ZzDPOgAAAA&amp;sa=X&amp;ved=0ahUKEwiknKXKporaAhVOC-wKHUlrD78QsRUIsQEwFQ&amp;biw=1200&amp;bih=695">tumble</a> on March 26 after the government agency in charge of protecting U.S. consumers <a href="https://www.ftc.gov/news-events/press-releases/2018/03/statement-acting-director-ftcs-bureau-consumer-protection">confirmed it opened an investigation</a> into the company's privacy practices. The announcement follows reports that millions of Facebook users' profiles were used by a political consulting company to <a href="https://www.wikitribune.com/story/2018/03/22/internet/political-data-firm-cambridge-analytica-suspended-by-facebook-after-expose/56110/">identify and influence voters</a> in the 2016 U.S. presidential election.</strong> <strong>Facebook stocks took another <a href="https://www.google.co.uk/search?q=NASDAQ:FB&amp;stick=H4sIAAAAAAAAAONgecRoyi3w8sc9YSmdSWtOXmNU4-IKzsgvd80rySypFJLgYoOy-KR4uLj0c_UNiqosM0pyeAC6ZzDPOgAAAA&amp;sa=X&amp;ved=0ahUKEwiknKXKporaAhVOC-wKHUlrD78QsRUIsQEwFQ&amp;biw=1200&amp;bih=695">tumble</a> on March 26 after the government agency in charge of protecting U.S. consumers <a href="https://www.ftc.gov/news-events/press-releases/2018/03/statement-acting-director-ftcs-bureau-consumer-protection">confirmed it opened an investigation</a> into the company's privacy practices. The announcement follows reports that millions of Facebook users' profiles were used by a political consulting company to <a href="https://www.wikitribune.com/story/2018/03/22/internet/political-data-firm-cambridge-analytica-suspended-by-facebook-after-expose/56110/">identify and influence voters</a> in the 2016 U.S. presidential election.</strong>
"The FTC takes very seriously recent press reports raising substantial concerns about the privacy practices of Facebook. Today, the FTC is confirming that it has an open non-public investigation into these practices," said Tom Pahl, acting director of the Federal Trade Commission's (FTC) Bureau of Consumer Protection, in <a href="https://www.ftc.gov/news-events/press-releases/2018/03/statement-acting-director-ftcs-bureau-consumer-protection">a press release.</a>  "The FTC takes very seriously recent press reports raising substantial concerns about the privacy practices of Facebook. Today, the FTC is confirming that it has an open non-public investigation into these practices," said Tom Pahl in <a href="https://www.ftc.gov/news-events/press-releases/2018/03/statement-acting-director-ftcs-bureau-consumer-protection">a press release. </a>Pahl is the acting director of the Federal Trade Commission's (FTC) Bureau of Consumer Protection.
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<a href="https://www.ft.com/content/b774b0d4-3106-11e8-ac48-10c6fdc22f03">According to <em>The Financial Times</em></a> (may be behind paywall), the FTC's inquiry could result in steep fines for Facebook, which signed a consent order in 2011 that required it to be forthcoming with users about how their data was being shared. The company could face fines of up to $40,000 per violation per day – every misuse of user data could count as an individual breach. <a href="https://www.ft.com/content/b774b0d4-3106-11e8-ac48-10c6fdc22f03">According to <em>The Financial Times</em></a> (may be behind paywall), the FTC's inquiry could result in steep fines for Facebook, which signed a consent order in 2011 that required it to be forthcoming with users about how their data was being shared. The company could face fines of up to $40,000 per violation per day – every misuse of user data could count as an individual breach.
Facebook hasn't yet replied to <em>WikiTribune</em>'s request for comment.  Facebook hasn't yet replied to <em>WikiTribune'</em>s request for comment.
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In New York, the social media giant's stocks (<a href="https://www.google.co.uk/search?q=NASDAQ:FB&amp;stick=H4sIAAAAAAAAAONgecRoyi3w8sc9YSmdSWtOXmNU4-IKzsgvd80rySypFJLgYoOy-KR4uLj0c_UNiqosM0pyeAC6ZzDPOgAAAA&amp;sa=X&amp;ved=0ahUKEwiknKXKporaAhVOC-wKHUlrD78QsRUIsQEwFQ&amp;biw=1200&amp;bih=695">NASDAQ:FB</a>) opened at $160.82 per share on Monday and fell to $149.67 per share at 11:20 a.m. EDT before rallying to $156.72 by 12:30 p.m. According to a <em>WikiTribune</em> analysis, the company has seen its share price decrease approximately 16 percent – wiping billions of dollars off its market value – since <a href="https://www.theguardian.com/news/2018/mar/17/cambridge-analytica-facebook-influence-us-election"><em>The Observer</em></a> and <a href="https://www.nytimes.com/2018/03/17/us/politics/cambridge-analytica-trump-campaign.html"><em>The New York Times</em></a> first revealed Cambridge Analytica had used 50 million Facebook profiles to build software to target and influence voters in the 2016 U.S. presidential election.  In New York, the social media giant's stock price (<a href="https://www.google.co.uk/search?q=NASDAQ:FB&amp;stick=H4sIAAAAAAAAAONgecRoyi3w8sc9YSmdSWtOXmNU4-IKzsgvd80rySypFJLgYoOy-KR4uLj0c_UNiqosM0pyeAC6ZzDPOgAAAA&amp;sa=X&amp;ved=0ahUKEwiknKXKporaAhVOC-wKHUlrD78QsRUIsQEwFQ&amp;biw=1200&amp;bih=695">NASDAQ:FB</a>) opened at $160.82 per share on Monday and fell to $149.67 per share at 11:20 a.m. EDT before rallying to $156.72 by 12:30 p.m. According to a <em>WikiTribune</em> analysis, the company has seen its share price decrease approximately 16 percent – wiping billions of dollars off its market value – since <a href="https://www.theguardian.com/news/2018/mar/17/cambridge-analytica-facebook-influence-us-election"><em>The Observer</em></a> and <a href="https://www.nytimes.com/2018/03/17/us/politics/cambridge-analytica-trump-campaign.html"><em>The New York Times</em></a> first revealed Cambridge Analytica had used 50 million Facebook profiles to build software to target and influence voters in the latest U.S. presidential election.
Categories Categories
Business, Culture, Current Affairs, Elections, Internet, Law, Markets, Media, North America, Politics, Technology, United States, Internet Business, Culture, Current Affairs, Elections, Internet, Law, Markets, Media, North America, Politics, Technology, United States, Internet
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Facebook, ftc, Mark Zuckerberg, Tom Pahl Facebook, ftc, Mark Zuckerberg, Tom Pahl
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