FTC probes Twitter over ad targeting practices

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August 3, 2020 7:20 PM EDT

FILE PHOTO: The Twitter logo and stock prices are shown above the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., January 23, 2018. REUTERS/Lucas Jackson

(Reuters) - The U.S. Federal Trade Commission is probing Twitter Inc (NYSE: TWTR) for alleged violations of a law that prevents the social network from using personal data provided for security purposes to target ads, the company disclosed on Monday.

In a regulatory filing, Twitter said it received a draft FTC complaint alleging violations between 2013 and 2019.

Twitter said it estimates probable loss of between $150 million and $250 million in settlement charges, and has already recorded $150 million of that estimate in accrual related to the allegations.

(Reporting by Munsif Vengattil in Bengaluru; Editing by Devika Syamnath)


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