US fines Facebook USD 5 billion for privacy violations

The fine is the largest the Federal Trade Commission has levied on a tech company, although it won't much dent a company that had nearly 56 billion US dollars in revenue last year.

California: US federal regulators are fining Facebook five billion US dollars for privacy violations and instituting new oversight and restrictions on its business.

The fine is the largest the Federal Trade Commission has levied on a tech company, although it won't much dent a company that had nearly 56 billion US dollars in revenue last year.

As part of the agency's settlement with Facebook, CEO Mark Zuckerberg will have to personally certify his company's compliance with its privacy programs.

The FTC said that false certifications could expose him to civil or criminal penalties.

Some experts thought the FTC might fine Zuckerberg directly or limit his authority over the company.

The commission opened their investigation after revelations that data-mining firm Cambridge Analytica had gathered details on as many as 87 million Facebook users without their permission.

Facebook does not admit any wrongdoing as part of the settlement.