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All you really need to know is that Facebook takes your info and gives it to anybody who will pay enough for it.
Cambridge Analytica got a hold of a bunch of people's data, and everyone is freaking out about it because now basically anybody who wants personal info on facebook users can have it, including foreign and domestic government agencies.
This was found out after people were investigating Facebook for it's impact on the 2016 election and how Russians was using targeted ads.