FTC just announced PROBE into Facebook privacy practices…

The Federal Trade Commission has just announced that they’ve begun an investigation into Facebook’s privacy practices:

Here’s the full statement:

“The FTC is firmly and fully committed to using all of its tools to protect the privacy of consumers. Foremost among these tools is enforcement action against companies that fail to honor their privacy promises, including to comply with Privacy Shield, or that engage in unfair acts that cause substantial injury to consumers in violation of the FTC Act. Companies who have settled previous FTC actions must also comply with FTC order provisions imposing privacy and data security requirements. Accordingly, the FTC takes very seriously recent press reports raising substantial concerns about the privacy practices of Facebook. Today, the FTC is confirming that it has an open non-public investigation into these practices.”

And just like that, Facebook’s stock is already falling…

UPDATE:

I think this is a big reason Facebook is being investigated:

On Sunday the social networking giant confirmed that it had been recording the call history, and attempted to tamp down some of the criticism by emphasizing that the affected users had opted in to the process.

“Call and text history logging is part of an opt-in feature for people using Messenger or Facebook Lite on Android,” the company wrote. “This helps you find and stay connected with the people you care about, and provides you with a better experience across Facebook.”

Once enabled, the Messenger app begins “to continuously upload your contacts as well as your call and text history.”