Does Facebook sell user data to the highest bidder? I thought they used the information to target ads, not to actually sell.
Targeting ads, selling to advertisers, giving it to advertisers so they can better target their ads. It's probably a matter of degree rather than an absolute. Fact is, if you give your information to facebook you have no idea where it's going to end up and you have relatively little control over it. Yes, you can control what other web users see about you (to some extent, some data is always public). But what happens behind the scenes, which apps have access to your data and to what extent and what advertisers are able to get out of facebook is very murky.
Since the $ is king here I'll assume the worst and hope for the best.
And hey, just like google and others, they allow you to adjust your privacy settings to a great degree, have you visited the privacy settings lately? Yes, they have few controls in the past, but such is the nature of building and iterating, you can't get everything right in the first try...
To the argument of giving information to facebook and not knowing where it will end up, heck, that's true for every company and person that you come across!