Facebook Inc. and the Federal Trade Commission are currently negotiating what might turn out to be a record-breaking multibillion-dollar fine, according to an article in The Washington Post today.

As it stands, the biggest fine ever imposed by the FTC on a tech company was back in 2012 when Google LLC was hit with a $22.5 million penalty for what became known as the Safari tracking scandal. Google was originally looking at paying about $10 million.

Facebook’s fine obviously far outweighs that, but then the Cambridge Analytica scandal was perhaps a scandal like no other. Shortly after news broke about that, the FTC launched a probe to investigate how Facebook manages its data. “The FTC is firmly and fully committed to using all of its tools to protect the privacy of consumers,” the commission said at the time.

Facebook admitted in 2018 that millions of its users’ data had been accessed by the data analysis firm Cambridge Analytica, after which the FTC investigated whether Facebook had violated a previous 2011 “consent decree” it had made also relating to privacy violations.

Multibillions sounds like a lot, and it is, but mere millions might just be a drop in the ocean for the largest social media platform in the world. If the matter isn’t settled outside of court, it could mean Facebook paying even more. If the settlement is agreed upon, it will then have to be approved by a judge. The company will also likely have to agree to some changes in how it conducts business and also agree to regular checkups.

Facebook could end up paying the maximum civil penalty of $41,484 for every consent decree violated, which when you consider the millions upon millions of people affected could mean a fine of trillions of dollars. Not surprisingly,the Post reported that Facebook was concerned about even the amount proposed in the settlement.

Neither Facebook nor the FTC have stated publicly what number was put on the table. “We are cooperating with officials in the U.S., U.K. and beyond,” Facebook told CNet. “We’ve provided public testimony, answered questions, and pledged to continue our assistance as their work continues.”

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