Facebook stock hits highest price in nearly a year after reports of $5 billion FTC fine

Facebook Inc. shares closed at their highest price in nearly a year Friday after reports that the Federal Trade Commission has approved a $5 billion fine, a record amount that would still be less than a quarter of Facebook’s annual profit.

The 3-2 vote along party lines, first reported by the Wall Street Journal and then confirmed by other news outlets, completes a long-running probe into several privacy miscues committed by the social-media giant. Republicans compose a majority of the FTC, which has passed the matter to Justice Department’s civil division.

Facebook’s stock FB, +1.81% has been damaged over the past year by of a series of privacy controversies, as investors waited to hear what penalties the company would face.

>>> Original Source <<<