Apple released ios 14.5 early last week, adding one of the best privacy features anyone could have asked for. The ability to force developers to not allow you to track your activities across other sites and apps. However another security flaw was discovered, allowing script execution through webapps. This was promptly patched today in 14.5.1. So please update your phone!
Zuckerburg attempts to dissuade you by stating the obvious, both Instagram and Facebook require ads to continue to be free. However, this doesn't mean that they forgo any and all types of ad revenue, implying that they would need to start charging for you to be able to have an account. He also meekly argued that it would “Hurt small businesses the most!” Hows that? You cancelling your ability to be maliciously tracked across different platforms wont stop you from seeing ip and location based ads.
Facebook and other advertising companies alike are scrambling to fix their current model. If android follows through with something similar, they will be unable to serve one of their most profitable sources: retargeting. With the tracking transparency, it will be harder for trackers to accurately display who put an item in their cart, who opened the app and what they browse.
Facebook is digging themselves in an odd hole. They're obviously worrying that this trend might catch on in other places too, losing out on your precious data, and their profits. Wait how is that exactly? The new change doesn't stop you from being served ads, quite the opposite actually. You will be served a larger variety of ads, if anything, seeing more of them. It just makes ads less relevant to you. They make more money on you clicking on the ads, and now they cant accurately tell if you've clicked on it or not.
Regardless, Advertising companies will still continue to make money. You just finally a right to stop them from owning all of your first party data. Update and opt in to ‘Do not track’ if you own an ios device capable of running ios 14. The bottom line is its your data. You will still be served ads, your facebook and instagram accounts aren't suddenly going to be a paid service. Deny them the right to your data. Theyre still going to make money regardless.