In March last year, the FTC Bureau of Consumer Protection Acting Director Tom Pahl said the Commission will use all of is tools to protect consumers’ privacy.
In April, Facebook CEO Mark Zuckerberg said they are expecting the FTC to impose a monetary penalty of up to $5 billion related to the Commission’s scrutiny of its privacy practices.
Investors are concerned that the FTC will also open an antitrust investigation into Facebook since lawmakers are increasing calling for tighter regulatory oversight of big tech companies.
Several lawmakers particularly Sen. Elizabeth Warren, a Democratic presidential candidate, is calling for the break-up of tech giants including Amazon, Facebook and Google. According to her, it’s time to break up these companies because they have “too much power” over our democracy, economy and society.
