The announcement was made during its first quarterly report on April 24.
Investors reacted with relief when the news was released, pushing the company's shares up more than 7 percent in after-hours trading on Wednesday.
Investors were clearly not the only ones that reacted with relief, Jim Cramer, reacted to the news on his Twitter account.
Facebook Legal Woes =library fine— Jim Cramer (@jimcramer) April 25, 2019
While speaking with Action Alerts Plus investing club research analyst Zev Fima, Cramer added, "I just come back and I just say to myself, oh, phew, only three to five, let's put this thing past us. The conference call was really a love song to privacy."
The fine won't damage Facebook financially, but is big enough for the company to feel the weight. The $3 billion Facebook set aside to pay the fine reduced first-quarter profit by more than half and will cut the company's cash reserves by seven to 11 percent.
Facebook is Real Money's Stock of the Day.