The investigation sought to determine whether Facebook violated the terms of a 2011 consent decree it signed with the FTC, which restricted the ways it could share users' personal data.
This settlement is supposed to resolve the Justice Department's investigation into Facebook following the Cambridge Analytica scandal.
Facebook shares rose nearly 2 per cent after the settlement was first reported, closing at $204.87 each.
It'd be the largest ever fine given to a technology company in the U.S., but some people don't think it's tough enough.
Facebook's legal troubles are far from over, though.
The commission investigated allegations of the use of Cambridge Analytica, a political consulting company, on the personal information of 87 million users on Facebook without their permission. Considering the fact that Facebook's well being and revenues are ultimately rooted to its user base, it was a body blow for the company.
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Bill Hill, associate administrator for Exploration Systems Development within HEO additionally has been changed. NASA has not yet announced a decision on the green run test.
When talk of a $5 billion fine against Facebook started circulating earlier this year, Senators Richard Blumenthal, a Democrat, and Josh Hawley, a Republican, wrote a letter to the FTC complaining that the size of the fine was too small. It's the single largest fine against a tech company by the FTC to date, though not the largest the agency has ever inflicted on a firm for bad behaviour. Facebook is thought to have already set aside $3 billion in preparation. It would also represent one of the most aggressive regulatory actions by the Trump administration, and a sign of the government's willingness to punish one of the country's biggest and most powerful companies. "Now, Wall Street can breathe a little easier".
The Facebook-FTC matter has now been moved to the US Justice Department for a review.
Privacy advocates have been calling on regulators to come down on Facebook for a decade - but over that time the company's money, power and influence at government level across the globe has only increased.
Representative David Cicilline, a Democrat and chair of a congressional antitrust panel, called the $5 billion penalty "a Christmas present five months early".
Public-interest groups including Public Knowledge, Public Citizen and the Open Markets Institute said any deal with the FTC should impose remedies that would rein in Facebook's data collection practices in addition to a fine.
This isn't a fine, it's a favor to Facebook, a parking ticket which will clear them to conduct more illegal and invasive surveillance. "It won't make them think twice about their responsibility to protect user data", he said.
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