Facebook shares lose gains as regulators discuss imposing record fine

Facebook’s share price lost some of its gains on Friday after a report emerged that US regulators were considering fining the company for privacy violations.

Facebook was up 0.25 per cent for the day but lost gains that had seen the company’s price rise by 2.8 per cent earlier in the session.

The regulators met to discuss the possibility of imposing a record fine against Facebook for breaking an agreement with the government regarding the protection of privacy data, according to the Washington Post.

It is the latest set back for the company, which has seen its share price fall by 29 per cent over the last six months.

Investors have been worried about the criticism the social media giant has received over the handling of its users’ data.

The fine under consideration at the Federal Trade Commission is expected to be much higher than the $22.5m Google was forced to pay in 2012.