Regulation could protect Facebook, not punish it
I can think of three relevant regulations for (large) internet companies1. Strong anti-monopoly regulation. There is no reason for Facebook owning Whatsapp & Instagram.2. Once your revenue exceeds x million USD on ad supported services that are free for end users, you must offer the service also for money with reasonable margin on top of the actual production costs, with strong guarantees that the data of end user who has opted for paid service is kept private and not monetized anyhow.3. Once your revenue on ad supported services that are free to end users exceed y million USD, you must make easily available every single usage of the end user's data. Also, user must have right to prohibit any specific type of use of user's data.