Feds May Thrust Billions In Fines On Facebook: Report

MENLO PARK, CA — Data privacy has reared its ugly head again for Facebook, as the social media giant could be facing potentially many billions of dollars in fines by the Federal Trade Commission for its alleged mishandlings of users' confidential information, Axios reported Wednesday.

FTC declined to comment on the matter.

With the pendulum swinging to and fro, Facebook's stock rose 4 percent from Wednesday trading after the Menlo Park tech company reported positive earnings for the first quarter of 2019. But positive revenues gains may be offset as losses if Facebook experiences the suggested downturns from the recent debacles.

For months, at least a handful of mishaps has been reported with Facebook's user data ending up in unsecured places. That's why the company has placed much emphasis lately on data security, revamping an entire encryption division. It should also be noted Facebook hired Monday a legal eagle-whiz with massive government experience to handle global affairs. Jennifer Newstead will take over as general counsel for worldwide legal affairs. Newstead brings deep government and private sector experience to the role. She currently serves as the legal adviser to the United States Department of State, overseeing work on all domestic and international legal issues affecting the conduct of U.S. foreign policy, Facebook reported.

According to Axios, "the big picture" revolves around the company's resilience to add more users and advertising dollars despite these setbacks. This places the firm in Wall Street's favor.

Axios is an American news and information website founded in 2016 by Politico guru Jim Vandehei. The site's name is Greek for "worthy."

Read the full Axios story here.