U.S. regulators agreed to Facebook for $5 billion

                                                                                    INQUIRY

      A source familiar with the situation said Friday that the Federal Trade Commission (FTC) this week agreed to a settlement of about $5 billion to conclude its investigation into the handling of user data by social media giant Facebook (FB.O).
FTC has been investigating allegations that Facebook mistakenly shared 87 million user profiles with Cambridge Analytica, a British political consultancy, which has now gone bankrupt. The survey focused on whether sharing information violated the agreement reached by Facebook and regulators in 2011.
Investors were heartened by the news and Facebook's share price rose 1.8%, although several heavyweight Democratic congressmen criticized the proposed penalty as inadequate.
The settlement amount is the highest in the history of FTC.
Neither FTC nor Facebook commented.
Democratic Congressman David Cicilline called the $5 billion fine "a Christmas gift five months in advance".
Facebook earned $15.1 billion in revenue in the first quarter of this year, with a net profit of $2.43 billion; the net profit would have been higher, but the company set aside $3 billion to deal with FTC fines.


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