FTC approves $5B Facebook settlement; FB -1.4%

• Update with more details from the settlement:
• Facebook is required to establish a new board committee devoted only to privacy. Mark Zuckerberg will have to give the FTC a quarterly report about how FB is working to protect user privacy.
• Original post: The FTC formally approves a $5B settlement with Facebook (NASDAQ:FB) -1.4% over privacy violations, the largest FTC fine against a tech company in history.
• The 20-year settlement includes provisions aiming to create some operational distance between FB and founder Mark Zuckerberg's decisions.
• The FTC probe began in March 2018 after the Cambridge Analytica breach of 87M Facebook users, which the FTC worried violated a previous agreement requiring FB to provide clear notifications that user data was being shared with third parties.
• In other FB news, the company will pay $100M to settle SEC allegations of misleading disclosures about the risks of shared user data.