This past week, Facebook CEO Mark Zuckerberg went through hours of tough questioning in front of Congress pertaining to the business model, Russian meddling, advertising targeting capabilities and the Cambridge Analytica scandal. During the hearings, Zuckerberg had apologized repeatedly for failing to prevent the scandal and he admitted responsibility for Cambridge Analytica being able to gather information for up to 87 million users.

An important subject for us professionals is where Zuckerberg clarifies Facebook's advertising model:

Many people believe that Facebook collections data about its users and then sells it to advertising companies. 
Zuckerberg explained that it is not true. "There is a very common misconception that we sell data to advertisers, and we do not sell data to advertisers. 
What we allow is for advertisers to tell us who they want to reach and then we do the placement. So, if an advertiser comes to us and says, ‘Alright, I’m a ski shop and I want to sell skis to women,’ then we might have some sense because people shared skiing related content or said they were interested in that,” said Zuckerberg to Sen. John Cornyn via TechCrunch.
“They shared whether they’re a woman. And then we can show the ads to the right people without that data ever changing hands and going to the advertiser. 
That’s a very fundamental part of how our model works and something that is often misunderstood."