When my family started using facebook, I took a look at the information I had to give them in order to join, I listened to what Zuckerberg had to say about privacy, I looked at their business model and said "no thanks". That organization might not be corrupt but only because they had no moral standing from the beginning. When a service is free to the user then the user is the product that is sold to financial interests. No way was I going to let them into my life. But, then again, I'm a minority in this country. Facebook has done a lot to build community and keep families in touch with one another. So I see some good in them, but only good from how people use them. The company itself is not good.
The propaganda and fake news ads that inundate social media are an outcome of the business model they use. Facebook is one egregious example of this. The company itself has the personality of a psychopath. They charm and say the right things like the best of liars and then take what they want without concern about right and wrong and who gets hurt or how much harm they do to the US. They even cast the people they harmed as the ones at fault, not themselves. In a way, we should expect all companies to behave like this. At its core, capitalism has no ethics. So, we should not listen to their complaints when we regulate them if their products cause harm.
Companies like Facebook whose business models depend on predatory use of private information about its users probably ought not be allowed to continue with that model. It might mean they go bankrupt and get broken up. Somebody with a better business model will figure out how to do the good that Facebook did without the harm.
So, in my opinion, we should first tightly regulate how private information is used. When companies repeatedly violate user privacy, break them the fuck up. For example, when I'm signing up for goddamn online access to my own bank account, the bank makes me sign a statement that I read and accept THEIR privacy policy. Nobody should be forced to give up their rights to privacy in exchange for using the internet. Facebook is making billions from selling access to people and their information through their coerced permission. I think that ought to end and if Facebook, Apple, Amazon, Google, Comcast, Wells Fargo or General Motors, even fucking Safeway can't find a way to stay in business without putting their thumbs up the asses of their users then let them die.
Edit: Same goes with ads. We are used to broadcast ads. Ads are basically a form of lying and we all know it. What Facebook allows advertisers to do is take private information and manipulate the message for that user. Trump is paying for targeted ads. If he wants to blast the internet with ads then he can do so. It's the ability to slice and dice user information to get the most bang for the buck from those ads that is insidious. I think all that will stop once we put up strong privacy protections on the companies that use the internet.