Twitter Shares Slide As Company Faces $250 Million FTC Fine

Twitter shares shed more than 3% of their value in after-hours trading Monday evening when the company revealed in its 10-Q, filed Monday afternoon, that it had set aside between $150 and $250 million for a FTC fine allegedly over violations of a 2011 agreement to respect users’ data privacy.

A Twitter spokesperson told the Verge that the company only received word of the violation and potential fine on July 28, which is why it wasn’t included in its Q2 earnings report. Twitter reported its earnings for the quarter ended in June on July 23.

Under a section of its 10-Q entitled “Legal Proceedings”, Twitter revealed the allegations and potential fine, which are tied to the use of “phone number and/or email address data provided for safety and security purposes for targeted advertising during periods between 2013 and 2019.

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I made my name because my hubs is a Locomotive Engineer on the Railroad for over 45  years now.  It’s funny how it fits right into the TRUMP TRAIN.  I am one of God’s many Children trying my best daily to live by God’s Word.  I have many hobbies on the computer and off the computer.  God Bless!

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