And yet again, the big hole in privacy laws is demonstrated
Let me first tackle this one: Facebook is peeved that the data was collected under an academic license and then sold commercially. That is accurately phrased: FB isn't really mad that the data was collected, it is mad it didn't make any money on it.
The problem with current privacy laws is that they only give users the right and ability to choose when dealt with directly. However, FB gets your data WITHOUT your permission by slurping them via your friends. I don't use FB, but I am 100% certain they have my personal details because WhatsApp slurps other people's phonebooks (and that's now black and white visible in a recent court case), and I have zero recourse against the bastards for getting data they collect on me erased.
IMHO, social media is anything but.