Quick Answer: Who Gets The $5 Billion Facebook Fine?

What does the government do with fine money?

The fine itself typically goes to the general fund of the jurisdiction that imposed it, to be used for any government purpose whatsoever..

What is the largest fine ever?

In 2016, British Petroleum was found guilty of criminal manslaughter and environmental crimes and ordered to pay $20.8 billion — the largest fine ever levied by the Department of Justice.

What’s the largest business in the world?

With a market capitalization of 1.68 trillion U.S. dollars as of April 2020, Saudi Aramco was the world’s largest company in 2020. Rounding out the top five were some of the world’s most recognizable tech brands: Microsoft, Apple, Amazon, and Google’s parent company Alphabet.

What was the Facebook privacy scandal?

The Facebook–Cambridge Analytica data scandal was a political and ethical scandal in which the personal data of millions of Facebook users were acquired without their consent by British consulting firm Cambridge Analytica, predominantly to be used for political advertising.

How did Facebook violate privacy?

In the agreement filed today, the FTC alleges that Facebook violated the law by failing to protect data from third parties, serving ads through the use of phone numbers provided for security, and lying to users that its facial recognition software was turned off by default.

Who gets the money from the Facebook fine?

Facebook’s record-breaking $5 billion fine for user privacy issues came in a settlement with the Federal Trade Commission, but the cash-strapped agency isn’t expecting any windfall to its budget. By law, the money goes to U.S. Treasury’s general fund, according to the FTC.

What is the biggest fine in NFL history?

$1 millionThe biggest fine ever handed out by the league was $1 million, and the NFL has done that twice. Former 49ers owner Eddie DeBartolo was fined that amount for the part he played in a Louisiana gambling scandal in the late 1990s.

Which bank has been fined the most?

Bank of America, JPMorgan Chase have paid the largest fines According to Keefe, Bruyette and Woods, which compiled the list, Bank of America BAC, -1.00% leads the ignominious tally with $76 billion in fines.

Is Facebook an invasion of privacy?

“There is no invasion of privacy at all, because there is no privacy,” on Facebook or any other social media site, company attorney Orin Snyder told U.S. District Judge Vince Chhabria. That may come as a surprise to those who have followed CEO Mark Zuckerberg’s pivot to privacy in recent months.

Does Facebook sell your data?

No, we don’t sell your information. Instead, based on the information we have, advertisers and other partners pay us to show you personalized ads on the Facebook family of apps and technologies.

Why did Facebook get fined 5 billion dollars?

Facebook to pay record $5 billion U.S. fine over privacy; faces antitrust probe. … It was triggered last year by allegations that Facebook violated a 2012 consent decree by inappropriately sharing information belonging to 87 million users with the now-defunct British political consulting firm Cambridge Analytica.

How Much Has Facebook been fined?

Facebook, Inc. will pay a record-breaking $5 billion penalty, and submit to new restrictions and a modified corporate structure that will hold the company accountable for the decisions it makes about its users’ privacy, to settle Federal Trade Commission charges that the company violated a 2012 FTC order by deceiving …

How does FB make money?

Key Takeaways. Facebook sells ads on social media websites and mobile applications. Ad sales are the primary source of Facebook’s revenue.

Did Facebook break the law with Cambridge Analytica?

Facebook broke British law by failing to safeguard user data, and by not telling tens of millions of people how Cambridge Analytica harvested their information for use in political campaigns, British authorities announced Tuesday. … The ICO released its report shortly after midnight Wednesday in the UK.

How many times has Facebook been fined?

The $5 billion fine is nearly 30 times the FTC’s largest-ever civil penalty to date — $168 million, which was levied on Dish Network (DISH) in 2017 — reflecting the tremendous scale of Facebook’s operations, as well as the enormity of its self-admitted mistakes.