The U.S. Federal Trade Commission on Wednesday accused Meta's Facebook of misleading parents about protections for children and proposed tightening an existing agreement on privacy to include a ban on making money from minors' data.
The logo of Meta Platforms' business group is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves Herman/File PhotoFacebook of misleading parents about protections for children and proposed tightening an existing agreement on privacy to include a ban on making money from minors' data.
Meta shares fell as much as 2% on Wednesday but pared most of those losses and were off 0.3% at $238.50. In a statement, Meta said the FTC action was "a political stunt" and that the FTC failed to act against "Chinese companies, like TikTok."The FTC move on Wednesday is the first step in the process of changing the 2019 agreement. Facebook will have 30 days to respond. The company also can appeal any commission decision to an appeals court.
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