Facebook could face a $5 billion fine

The logo for social media giant Facebook appears on screens at the Nasdaq MarketSite in New York's Times Square

The logo for social media giant Facebook appears on screens at the Nasdaq MarketSite in New York's Times Square

Therrien said he hopes he is given stronger powers, beyond fines.

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His investigation followed revelations that the personal details of tens of millions of Facebook users worldwide was hijacked by Cambridge Analytica as it worked for US President Donald Trump's 2016 campaign.

"Despite the extraordinary volume of negative headlines over the a year ago, engagement across the Facebook platforms continues to grow at what appears to be very healthy rates", Keybanc's analysts wrote.

US Federal regulators are reportedly considering seeking some kind of oversight over Mark Zuckerberg's leadership of Facebook over the social network giant's mishandling of users' personal information.

Despite its strength on paper, the Canadian approach emphasizes rules over enforcement, which runs the risk of leaving the public woefully unprotected.

The settlement accrual, which Facebook set at $3 billion but said could rise as high as $5 billion, cut the company's net income in the first quarter to $2.4 billion, or 85 cents per share.

According to the report, the privacy commissioner made a number of recommendations to the social media company, including that Facebook submit to audits for a period of five years to assess the company's compliance with Canadian law.

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Obama did not endorse Biden, nor is he expected to endorse any candidate early in the Democratic primary. A Biden spokesman did not immediately respond late Monday night to Flores' most recent criticisms.

"The update also clarifies that apps may not ask for data that doesn't enrich the in-app, user experience", the social media platform added.

The attorney general is no stranger to enforcing NY consumer protection laws against tech companies: In January, James launched an investigation into Apple over its failure to warn consumers of a FaceTime bug that allowed users to receive audio and video of the callee before they answer.

It may lead to an order for Facebook and fines to revamp its privacy practices, In case the program to Federal Court is successful, Therrien stated.

The key takeaway for JMP's analysts was Facebook's "focus on building a more private "living room" type platform over the next several years" that could "unlock newer opportunities around payments and messaging, while attracting a greater overall user base".

The data was later used by Cambridge Analytica, which has been accused of being involved with US political campaigns.

Data sources: Facebook and Snap. "It's not really going to be that big a deal for them", he says.

"Facebook did not agree with our findings or to implement the above measures", states the report.

"We do not want to continue to be associated with an organization that we found to be irresponsible", said Therrien.

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