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<ul class="summary-list"><li>Shareholders say <keyword id="11892960" type="UNKNOWN" weightage="60" keywordseo="facebook" source="Orion">Facebook</keyword> overpaid the FTC to protect <keyword id="11896062" type="UNKNOWN" weightage="60" keywordseo="mark-zuckerberg" source="Orion">Mark Zuckerberg</keyword>, per lawsuits made public Tuesday.</li><li>They alleged the $5 billion payment was made to prevent the FTC from suing Zuckerberg individually.</li><li>Facebook has paid "billions of dollars ... to make his problems go away," shareholders claimed.</li></ul>Facebook overpaid the Federal Trade Commission by nearly $5 billion in an alleged "quid pro quo" to protect CEO Mark Zuckerberg from being sued individually by the agency, <a href="https://655e71e2-f98d-40e9-822b-081bc894b6af.filesusr.com/ugd/372b91_5161b452eff04e14bccbb7b7f33b40ab.pdf">shareholders claim in a lawsuit</a> made public Tuesday. The <a href="https://www.businessinsider.com/facebook-faces-sec-fine-over-cambridge-analytica-2019-7">multi-billion-dollar fine</a> was paid in addition to a $106 million settlement after Facebook failed to warn investors about the Cambridge Analytica data collection, considered the biggest scandal in Facebook's history. "Zuckerberg, Sandberg, and other Facebook directors agreed to authorize a multi-billion settlement with the FTC as an express quid pro quo to protect Zuckerberg from being named in the FTC's complaint, made subject to personal liability, or even required to sit for a deposition," the suit, <a href="https://www.politico.com/news/2021/09/21/facebook-paid-billions-extra-to-the-ftc-to-spare-zuckerberg-in-data-suit-shareholders-allege-513456">first reported by Politico,</a> says. The FTC declined to comment. Facebook did not immediately respond to Insider's request for comment. In the <keyword id="11921506" type="UNKNOWN" weightage="60" keywordseo="lawsuit" source="Orion">lawsuit</keyword>'s introduction, shareholders allege "Zuckerberg has methodically stacked the Board with friends, cronies, and employees. When directors have summoned the courage to stand up or speak out, Zuckerberg has pushed them out.""Unsurprisingly, the Board has never provided a serious check on Zuckerberg's unfettered authority," the suit continues. "Instead, it has enabled him, defended him, and paid billions of dollars from Facebook's corporate coffers to make his problems go away." In early 2018, <a href="http://markets.businessinsider.com/stocks/fb-stock">Facebook</a> admitted to mishandling data from over 50 million Facebook users which had been improperly obtained by political data-analytics firm Cambridge Analytica, Insider's <a href="https://www.businessinsider.com/cambridge-analytica-a-guide-to-the-trump-linked-data-firm-that-harvested-50-million-facebook-profiles-2018-3">Alexandra Ma and Ben Gilbert reported.</a>By just a few months later, that number had risen considerably - <a href="https://www.businessinsider.com/facebook-87-million-peoples-data-taken-in-cambridge-analytica-scandal-2018-4">somewhere in the range of 87 million Facebook users were actually impacted</a>. Facebook apologized, CEO Mark Zuckerberg went in front of Congress to answer questions, and the FTC slapped Facebook with a historically large fine - $5 billion.One set of shareholders, including Plaintiffs "Employees' Retirement System of Rhode Island" and "City of Warwick Retirement System," first filed the claims regarding the $5 billion fine's implications last year. After the complaints were amended with new information last month, the lawsuits became public on Tuesday via trade association Digital Content Next's CEO, <a href="https://twitter.com/jason_kint/status/1440306109768634380">Jason Kint.</a>

Facebook overpaid the FTC by nearly $5 billion to 'protect Zuckerberg' and 'make his problems go away' after Cambridge Analytica scandal, shareholders claim

<ul class="summary-list"><li><keyword id="6354576" type="UNKNOWN" weightage="60" keywordseo="facebook">Facebook</keyword> CEO <keyword id="6354630" type="PERSON" weightage="60" keywordseo="mark-zuckerberg">Mark Zuckerberg</keyword> and his COO, <keyword id="611995" type="PERSON" weightage="60" keywordseo="Sheryl-Sandberg">Sheryl Sandberg</keyword>, grew apart during <keyword id="6354862" type="UNKNOWN" weightage="60" keywordseo="trump">Trump</keyword>'s presidency, a new book claims, per the NYT. </li><li>The execs often disagreed over how to tackle Trump's hate speech and misinformation on the platform. </li><li>Sandberg felt like she had little influence on his decision-making over moderation policies. </li></ul><ul class="summary-list"></ul>A new book claims that the Trump presidency strained relations between Mark Zuckerberg and Sheryl Sandberg, Facebook's chief operating officer, according to excerpts adapted by the <a href="https://www.nytimes.com/2021/07/08/business/mark-zuckerberg-sheryl-sandberg-facebook.html">New York Times.</a>The book, titled "An Ugly Truth: Inside Facebook's Battle for Domination," describes a gradual breakdown in a once close CEO-COO relationship thanks to their differing views on how to respond to former President Donald Trump's hate speech and misinformation on the platform, its authors said, who wrote the NYT's adaptation. The book is based on more than 400 interviews that include current and former Facebook employees, per the NYT. The authors said in the article that Zuckerberg elevated several senior executives to his inner circle over the course of the Trump presidency, where he had traditionally prioritized Sandberg. After Sandberg took the Facebook <a href="https://www.sec.gov/Archives/edgar/data/1326801/000119312512046715/d287954dex107.htm">COO role in 2008</a>, she was instrumental in <a href="https://www.businessinsider.com/fabulous-life-of-sheryl-sandberg-2014-7">building the tech platform's ad business</a>, propelling the company to its <a href="https://markets.businessinsider.com/news/stocks/facebook-market-cap-1-trillion-antitrust-lawsuit-dismissal-judge-monopoly-2021-6">$1 trillion valuation</a> in June. But controversies relating to the platform's role in influencing the <keyword id="2799595" type="PERSON" weightage="60" keywordseo="2016-election">2016 election</keyword>, such as by enabling consulting firm <a href="https://www.businessinsider.com/cambridge-analytica-whistleblower-christopher-wylie-facebook-data-2019-10">Cambridge Analytica</a> to harvest <a href="https://www.businessinsider.com/facebook-87-million-peoples-data-taken-in-cambridge-analytica-scandal-2018-4">millions of its users' data</a> - have tarnished the tech giant's reputation. The book claims that Facebook workers were frustrated with Sandberg's inaction over comments Zuckerberg had made in a <a href="https://www.washingtonpost.com/technology/2019/10/17/zuckerberg-standing-voice-free-expression/">speech in 2017</a>, per the NYT - the billionaire CEO told audiences at Georgetown University that it was not Facebook's role to arbitrate on the free speech of politicians on its platform.Sandberg thought that she had little ability to change his mind on the matter, she confided in those close to her, the book's authors wrote in the NYT. The book's authors also said that the "core of the partnership hasn't formally changed" between the two execs, and that they still meet twice a week, per the NYT.A Facebook spokeswoman dismissed the book's portrayal of their souring relationship. "The fault lines that the authors depict between Mark and Sheryl and the people who work with them do not exist," said Dani Lever, the spokeswoman told Insider. "All of Mark's direct reports work closely with Sheryl and hers with Mark. Sheryl's role at the company has not changed."Lever added: "The excerpts are typical of attacks on women leaders-denying their power, dismissing their competence, and marginalizing their roles and relationships."

Trump's presidency drove a wedge between Facebook's Mark Zuckerberg and Sheryl Sandberg thanks, in part, to clashing views on how to tackle Trump's hate speech on the platform

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Facebook overpaid the FTC by nearly $5 billion to 'protect Zuckerberg' and 'make his problems go away' after Cambridge Analytica scandal, shareholders claim

Hannah Towey

Trump's presidency drove a wedge between Facebook's Mark Zuckerberg and Sheryl Sandberg thanks, in part, to clashing views on how to tackle Trump's hate speech on the platform

Anna Cooban

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