Kurt Knutsson, The CyberGuy, said on Wednesday that the Facebook fines are minor setbacks.
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Facebook on Wednesday agreed to pay a record $5 billion to the Federal Trade Commission over privacy concerns. As part of the settlement the company will be required to expand its privacy protections across the platform, including Instagram and WhatsApp.
Separately, it also agreed to pay $100 million to settle Securities and Exchange Commission charges over misuse of user data.
“You look at the $5 billion fine proposed by the FTC and now a $100 million proposed fine for the SEC, we’re talking about a little tiny bump in the road for Facebook,” he told Maria Bartiromo . “This is meaningless to a company that’s generating the kind of revenues that they’re doing. So Facebook said they fixed the problem at this point, but guess what? Will it affect the stock? Probably not.”