Twitter Fined $150 Million by FTC for Alleged User-Privacy Violations

variety.com:

Todd Spangler NY Digital EditorThe Federal Trade Commission levied a $150 million fine on Twitter, alleging that the social network profited by allowing advertisers to use private data to target specific users.According to the agency, Twitter violated a 2011 FTC order that “explicitly prohibited” the company from misrepresenting its privacy and security practices.

In addition to the $150 million fine, Twitter is banned from “profiting from its deceptively collected data,” the FTC said.In August 2020, Twitter disclosed that it expected to face an FTC fine of $150 million to $250 million related to the allegations.In a blog post, Twitter chief privacy officer Damien Kieran wrote, “Keeping data secure and respecting privacy is something we take extremely seriously, and we have cooperated with the FTC every step of the way.

In reaching this settlement, we have paid a $150M USD penalty, and we have aligned with the agency on operational updates and program enhancements to ensure that people’s personal data remains secure and their privacy protected.” The fine comes as Twitter is in the midst of a $44 billion takeover bid by billionaire Elon Musk.

On Wednesday, Musk disclosed in an SEC filing that he will no longer use loans secured against his Tesla stock to fund the proposed Twitter acquisition.