Ads and targeted ads based on all the data we have on your life are two very different things, claiming that targeted ads are the only option is just bad faith.
That's a nice oxymoron you got there.
Regardless, your comment isn't really relevant. I'm replying to the idea that FB has to break the law or they go bankrupt. Well, in that case, they should just go bankrupt. We shouldn't change the law to accommodate them.
First rule of capitalism: nothing ever makes enough money.
Commercial entities like facebook do not care for “enough money”. They want as much money as possible. Even if knowing everything about me, my family & friends, job & colleagues, etc. only gains 0.01% more (after accounting for the cost of the stalking infrastructure), they will do what is required to get that 0.01%.
Sometimes morality is allowed to get in the way, but the standard of moral core of an organisation tends towards the lowest common denominators within that organisation so things have to be pretty damned disgusting, and fairly universally considered so, before a commercial entity won't do them (or at least take a blind eye to them) in order to make another 0.01%.