Correct. And more.
This is not a conspiracy theory. It's part of the privacy problem FB faces...
They have tentacles across the internet, and their platform tracks eyeballs well beyond their primary domain. Many other media properties use FB directly or indirectly to serve ads (and cookies), track traffic, etc.
And as mentioned above, unwitting friends graciously hand over their own activity - which includes interactions with you. FB knows your name, your phone number, your address, where you went to school, etc., etc., etc.
TH noted that you don't need to volunteer this information to FB, however someone else will certainly do it for you - intentionally or not.
FB has aggregated all of this data, and their mission is to monetize it.
Whenever you see an ad and the content seems prescient ("I swear I haven't searched for Campagnolo on this browser before" - ok unlikely example), it's because you're being effectively targeted by one or more of the major media platforms - FB or other.
The thing that really gets me: Given all the data the powers that be have aggregated about our clicks - they still utterly fail to serve relevant, good content MOST of the time.
Not only is the decor in the casino dated, but the payouts are low and the drinks are the expensive.
Why do any of us return at all?
How Facebook Figures Out Everyone You've Ever Met
https://gizmodo.com/how-facebook-fig...819822691?IR=T
Oldie but Goodie...
This is why I generally limit my social media participation to cycling related "platforms"...
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