Amazon Agrees To Pay Over $30M To Settle Alexa, Ring Spying Claims Despite Disagreement With FTC
Portfolio Pulse from Ananya Gairola
Amazon has agreed to pay $30.8 million in settlements with the Federal Trade Commission over allegations of spying on customers through Ring doorbell cameras and violating children's privacy rights with Alexa recordings. The fines amount to a fraction of the company's Q1 profit of $3.2 billion.
June 01, 2023 | 6:16 am
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Amazon settles with FTC for $30.8M over Ring and Alexa privacy violations, a small portion of its Q1 profit of $3.2B.
Amazon has agreed to pay $30.8 million in settlements over privacy violations involving Ring and Alexa. While this is a significant amount, it is a small fraction of the company's Q1 profit of $3.2 billion. The settlements may have a neutral short-term impact on the stock price, as the company can easily absorb the cost and the issue is now resolved.
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