According to a Tuesday release, the FTC said Facebook has agreed to get consumers' approval before it changes the way it shares their data.
Additionally, the massive social networking engine will have to get period audits of its privacy practices for the next 20 years.
The announcement comes as Facebook reportedly is preparing an initial public offering in the second quarter of next year. Privacy scrutiny by federal enforcement officials has weighed on the company's business prospects, analysts say, and the settlement will clear the way for the projected $100 billion public offering.
Wow. Is that kind of money still around?
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