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It's fine if you're a small or medium size business that commands at most single digit % of the market. Facebook dominates ad spending and reach to the point that you can't just build your own, because they have a de facto monopoly/oligopoly over digital ads.

Let me ask you this: do you think Apple should be allowed to ban whoever they want from their platform justified by them being a private company? If you say no, then you should also say no to Facebook being allowed to do so. Otherwise you're just twisting the facts to support your political position.