Facebook paid $ 5 billion to protect Mark Zuckerberg from lawsuit

Facebook paid $ 5 billion to protect Mark Zuckerberg from lawsuit

This information was leaked thanks to a complaint filed by Facebook shareholders in Delaware (USA) last month but was released at the end of September.

In 2019, Cambridge Analytica was fined by the Federal Trade Commission (FTC) in 2019 for misleading users about its ability to keep personal information confidential after a year-long investigation into data breaches by the UK analytics firm. Gathered millions of Facebook profiles from US voters.

The fine was $ 4.9 billion. Also, the lawsuit was probably funded by Ruby, who told the Guardian to protect Facebook founder Mark Zuckerberg if the lawsuit continued. The information was leaked last month following a complaint by Facebook shareholders in Delaware but was made public at the end of September.

The unrestricted power of Mark Zuckerberg

If Zuckerberg is personally named in the FTC complaint, he could face significant fines for future violations and “significant damage to his reputation.” He adds: “This danger would have been very important to Mark Zuckerberg, who would have been very sensitive to his public image and politically ambitious.”

These minutes are blaming Facebook for its lax attitude towards corporate management, especially regarding its founder. “The board did not exercise any serious control over Zuckerberg’s unfettered power. Instead, it protected him and paid billions of dollars from Facebook’s coffers to cover it up.

In a post on his own Facebook page after the fines were announced, Zuckerberg said the company had changed the way it handles users’ information. “We agreed to pay a historic fine, but most importantly, we were going to make major structural changes in the way we build products and run this business,” he wrote. Facebook declined to comment on the new test.

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About the Author: Cory Weinberg

Cory Weinberg covers the intersection of tech and cities. That means digging into how startups and big tech companies are trying to reshape real estate, transportation, urban planning, and travel. Previously, he reported on Bay Area housing and commercial real estate for the San Francisco Business Times. He received a "best young journalist" award from the National Association of Real Estate Editors.

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