Financial Markets Wall Street Facebook

The logo for Facebook appears on screens at the Nasdaq MarketSite, in New York's Times Square, Thursday, March 29, 2018. (AP Photo/Richard Drew)

(CNN) -- The Federal Trade Commission has reportedly approved an approximately $5 billion settlement with Facebook, suggesting a lengthy investigation into the social media company's data privacy practices could be nearing an end.

The FTC is said to have voted 3-2 in favor of the settlement, along party lines, according to reports from The Wall Street Journal and The Washington Post on Friday.

The FTC and Facebook declined to comment to on the reports.

While the settlement would mark by far the largest penalty against a tech company, far in excess of the $22.5 million the FTC fined Google in 2012, investors nonetheless appeared to breathe a sigh of relief that it wasn't bigger.

Facebook stock ended Friday up nearly 2% after the Journal report was released.

This is a developing story and will be updated...

-- CNN Business' Donie O'Sullivan contributed reporting.

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