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Facebook is under federal investigation

Illustration: Rebecca Zisser/Axios

The Federal Trade Commission on Monday morning confirmed that it has opened a non-public investigation into Facebook for its user privacy practices.

Market impact: Facebook shares are down 2% as of 12:30pm.

Here is the FTC's statement:

“The FTC is firmly and fully committed to using all of its tools to protect the privacy of consumers. Foremost among these tools is enforcement action against companies that fail to honor their privacy promises, including to comply with Privacy Shield, or that engage in unfair acts that cause substantial injury to consumers in violation of the FTC Act. Companies who have settled previous FTC actions must also comply with FTC order provisions imposing privacy and data security requirements. Accordingly, the FTC takes very seriously recent press reports raising substantial concerns about the privacy practices of Facebook. Today, the FTC is confirming that it has an open non-public investigation into these practices.”

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Axios 1 hour ago
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Axios situational awareness

🎖️ Ronny Jackson withdraws as VA nominee — 📺 Trump holds forth on Fox & Friends — 🇫🇷 Macron sums up his Trump visit — 🍃 How Pruitt prepped for Congress

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Mike Allen 4 hours ago
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Macron's blunt postgame

Collage: Sarah Grillo/Axios; Photos: Getty Images

French President Emmanuel Macron said at a remarkably candid postgame for a small group of reporters last evening that his State Visit left him convinced President Trump will withdraw from the nuclear deal with Iran, and that the U.S. president wants to create "a series of new Trump's deals."

His big takeaway: "[Y]our president is a dealmaker. You always have to understand the rationale of your counterpoint. He's a dealmaker. So he wants to find a deal and he wants to find a deal under his condition."