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Facebook has just been fined a record-breaking $5 billion

Facebook Inc will pay a record-breaking $5 billion fine to resolve a government probe into its privacy practices and the social media giant will restructure its approach to privacy, the U.S. Federal Trade Commission said on Wednesday.

The FTC voted 3-2 along party lines to adopt the settlement, which requires court approval, even as Democrats said the settlement did not go far enough or require a large enough fine.
'Despite repeated promises to its billions of users worldwide that they could control how personal information is shared Facebook undermined consumers' choices,' said FTC Chairman Joe Simons, a Republican, in a statement.
But Democratic FTC Commissioner Rohit Chopra said the penalty provided 'blanket immunity' for Facebook executives 'and no real restraints on Facebook's business model' and does 'not fix the core problems that led to these violations.'
Facebook declined to comment ahead of the settlement's public release.

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