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Facebook CEO Mark Zuckerberg. Photo: Artur Widak/NurPhoto via Getty Images

News that Facebook reached a $5 billion settlement with the Federal Trade Commission had critics fuming and Facebook shareholders breathing a sigh of relief.

Driving the news: The New York Times and the Wall Street Journal both reported on Friday afternoon that the FTC had voted 3-2 along party lines to approve a deal, with Democrats reportedly holding out for tougher conditions.

  • In after-hours trading on Friday, Facebook shares rallied. Shares opened down Monday morning.
  • The company's critics blasted the settlement for both the size of the fine and the apparent lack of tough new restraints on its conduct.
  • The Department of Justice still needs to sign off on the deal.

Capitol Hill Democrats and advocates of aggressive new privacy regulation panned the deal.

  • Sen. Richard Blumenthal (D-Conn.) called the $5 billion fine, the largest in FTC history, a "tap on the wrist" for the mammoth Facebook.
  • Presidential candidate Sen. Elizabeth Warren (D-Mass.) said the settlement was a "victory for Facebook."
  • Sen. Mark Warner (D-Va.) said that with "the FTC either unable or unwilling to put in place reasonable guardrails to ensure that user privacy and data are protected, it's time for Congress to act."

What we don't know: The exact terms of the settlement, which is expected to put restrictions of some kind on Facebook's behavior that go beyond just the financial penalty.

  • Both the FTC and Facebook declined to comment.

Background: It has been 475 days since the FTC confirmed that it was investigating the company, following revelations that a researcher associated with consultancy Cambridge Analytica had swept up Facebook user data.

  • Critics charged that Facebook had violated a previous 2012 settlement with the FTC that required it to take more care when it came to user privacy, allowing the agency to levy greater penalties.

The big picture: The FTC inquiry is far from the only regulatory probe facing the company.

Go deeper

Updated 7 hours ago - Sports

The potential GOAT of chess faces intriguing challenger

Illustration: Sarah Grillo/Axios

The World Chess Championship between Norway's Magnus Carlsen and Russia's Ian Nepomniachtchi began on Friday, 1,094 days after Carlsen won his fourth consecutive title.

Why it matters: During the long, COVID-fueled layoff, chess entered a new era, and with the championship finally here, the age-old game is ready for its close-up.

Department of Interior proposes raising cost of drilling on public lands

A horizontal drilling rig and a pump jack sit on federal land in Lea County, New Mexico. Photo: Callaghan O'Hare/Bloomberg via Getty Images

Oil and gas companies should pay more to drill on federal lands and waters, the Department of the Interior argued in a report released Friday, saying that the current rates were "outdated."

Driving the news: The Department of Interior report said that the federal government's oil and gas leasing and permitting program "fails to provide a fair return to taxpayers, even before factoring in the resulting climate-related costs that must be borne by taxpayers."

8 hours ago - Health

U.S. to restrict air travel from 8 countries over new COVID variant concerns

A COVID-19 vaccine is administered. Photo by Joe Raedle/Getty Images

The U.S. will impose new air travel restrictions in response to the Omicron variant, a new COVID strain first detected in South Africa, President Biden announced Friday.

The big picture: Air travel from South Africa, Botswana, Zimbabwe, Namibia, Lesotho, Eswatini, Mozambique and Malawi will be restricted starting on Monday.