The Federal Trade Commission confirmed Monday that it's investigating Facebook and its data policies following reports that the data analytics firm Cambridge Analytica accessed personal information of 50 million Americans without their knowledge.
Here is the full statement provided by the FTC:
The FTC's investigation is the most substantial legal and monetary threat to Facebook since its inception in 2004. The Washington Post reports that it could result in the U.S. government hitting Facebook with a massive fine.
The company's stock took a massive hit last week following several reports that the company had mishandled the private data of its users. It's now facing tough questions from Congress, UK Parliament and even individual counties within states. Facebook CEO Mark Zuckerberg also says the company is conducting its own investigation into the matter. Read more...