Facebook will join Wall St in fine-and-forget club GinaChon
Facebook’s first-quarter expenses included an accrued cost of $3 billion in relation to a U.S. Federal Trade Commission inquiry into its data practices, the company said on April 24. Facebook estimated the range of the loss could be between $3 billion and $5 billion, though that could be on the lower end of projections, officials said.
The government is investigating whether Facebook inappropriately shared information on 87 million users with British political-consulting firm Cambridge Analytica, which is no longer in business. The move could have violated a 2011 consent-decree agreement with the FTC to protect user data and privacy.
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