PALO ALTO (CBS SF) – Palo Alto’s Facebook said Tuesday it is settling with the Federal Trade Commission over charges it deceived consumers.
The FTC had charged that the social network told people they could keep the information they share private, then allowed it to be made public.
The charges go back to 2009, when Facebook changed its privacy settings to make public information that users may have deemed private. This included their list of friends, for example.
The FTC said the settlement requires Facebook to get people’s approval before changing how it shares their data.
In a blog post, Facebook CEO Mark Zuckerberg said the company has made a “bunch of mistakes.” But he adds that this has often overshadowed the good work Facebook has done. He says Facebook has addressed many of the FTC’s concerns already.
Also Tuesday, The Wall Street Journal reported that the world’s largest
online social network is looking into raising as much as $10 billion in its IPO. The Journal cited people familiar with the matter but did not identify them by name.
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