Meta Allegedly Profited by $16B From Scam Ads. US Senators Demand FTC, SEC Probe

Meta Allegedly Profited by $16B From Scam Ads. US Senators Demand FTC, SEC Probe

The lawmakers say Meta's platforms may be implicated in "about a third of all US scams" and linked to more than $50 billion in consumer losses last year.

Meta Earned $16 Billion From Illicit Ads, Prompting Senate Backlash

Why U.S. Senators Are Demanding Investigations Into Meta U.S. Senators Josh Hawley and Richard Blumenthal have called on the Federal Trade Commission (FTC) and the Securities and Exchange Commission (SEC) to launch formal investigations into Meta Platforms following a Reuters report that the company earned billions from ads promoting scams, banned goods and fraudulent government programs. In a letter to agency heads, the senators said regulators…

Meta Faces Scrutiny As Senators Link Facebook & Instagram To Billions In Scam Ad Revenue

Josh Hawley and Richard Blumenthal, two U.S. senators, have asked the FTC and SEC to probe Meta over an estimated $16 billion in scam ad revenue in 2024. A letter from the two to the agencies stated, "The FTC and SEC should immediately open investigations and, if the reporting is accurate, pursue vigorous enforcement action where appropriate,"