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Facebook shareholders breathe sigh of relief on $5 billion FTC fine

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

Facebook faces grilling from Washington

I graphic saying "coming up"
Illustration: Rebecca Zisser/Axios

Facebook's executives could be forgiven for thinking that this week was bad enough, what with Donald Trump attacking them on Twitter and Jay Powell pouring cold water on their cryptocurrency ambitions. But the Silicon Valley panopticon will get even more attention from Washington this week.

Driving the news: An antitrust hearing on Tuesday will feature executives from Apple, Amazon and Google as well as Facebook.