On July 24, 2019, the US Federal Trade Commission (FTC) formalized a record $5 billion fine on Facebook for violating consumers' privacy.
The penalty, the largest ever imposed on any company for violating consumers' privacy, was part of a settlement requiring Facebook to submit to new restrictions and a modified corporate structure.
According to FTC Chairman Joe Simons, Facebook 'undermined consumers' choices' despite repeated promises to its billions of users worldwide that they could control how their personal information is shared.
