Twitter disclosed in a regulatory filing Monday that it is under investigation by the Federal Trade Commission related to allegations that it violated a 2011 consent agreement — and that it’s expecting a “probable loss” of somewhere between $150 million and $250 million.
“Following the announcement of our Q2 financial results, we received a draft complaint from the FTC alleging violations of our 2011 consent order. Following standard accounting rules we included an estimated range for settlement in our 10Q filed on August 3,” a Twitter spokesperson told Business Insider. A spokesperson for the FTC declined to comment.
The FTC’s complaint specifically centers on Twitter’s alleged use of “phone number and/or email address data provided for safety and security purposes for targeted advertising during periods between 2013 and 2019,” according to the filing.