Facebook’s $5 billion FTC fine is an embarrassing joke

Facebook’s stock went up after news of a record-breaking $5 billion FTC fine for various privacy violations broke today.
That, as the New York Times’ Mike Isaac points out, is the real story here: the United States government spent months coming up with a punishment for Facebook’s long list of privacy-related bad behavior, and the best it could do was so weak that Facebook’s stock price went up.

the fact that fb shares surged instead of sank on the FTC news is the story https://t.co/SztA1iAyOg pic.twitter.com/qDrzaR8J4Q— rat king (@MikeIsaac) July 12, 2019

From some other perspectives, that $5 billion fine is a big deal, of course: it’s the biggest fine in FTC history, far bigger than the $22 million fine levied against Google in…

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