Facebook expects to pay FTC up to $5 billion (!!!) for privacy violations

We now know just how high Facebook’s “record-setting” FTC fine could be.

Facebook expects to pay between $3 billion and $5 billion to the FTC as the result of an investigation into its privacy policies. The company disclosed the potential fine to investors in its first quarter earnings report. 

It was previously reported to be a “record-setting” fine by the Washington Post, which recently reported the agency is also seeking to hold Mark Zuckerberg personally accountable for Facebook’s privacy violations. Facebook’s Q1 disclosure marks the first time the company has commented publicly on the amount of the fine.

The fine will be a record for the FTC, which has never hit a tech company with a fine that large (though non-tech companies have been hit with higher fines). While that’s certainly embarrassing, it’s not as bad of news as it may seem. Facebook brought in more than $15 billion revenue this past quarter alone, exceeding analyst expectations.

Elsewhere, Facebook is still grappling with a number of privacy scandals and investigations into its policies. Besides the looming FTC fine, there’s the question of whether Zuckerberg himself will be put on blast by the agency. There’s also an SEC investigation, a federal criminal investigation, and  inquiries from European regulators. 

This story is developing…