Facebook fined $5 billion by FTC for privacy violations

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In a settlement with the FTC over privacy violations, Facebook agreed to pay a $5 billion fine and to establish a privacy board committee comprising only independent non-executive directors. The settlement also states that Facebook’s founder Mark Zuckerberg, who controls 60% of the company’s voting rights, will not have the power to remove the directors of the privacy committee without support from other shareholders.

Wall Street Journey, Deepa Seetharaman and Jeff Horwitz, July 24th 2019