TN expects that anti-trust legislation will ultimately be invoked to break up several of the largest semi-monopolies like Google and Facebook. What the EU is doing at this point it cut off the free consumer data that is the lifeblood of the industry. Expect a lot of chaos, lobbying, back-stabbing and corruption to follow. ? TN Editor

Facebook and other internet companies are racing to prepare for a sweeping new European Union (EU) privacy law that aims to give consumers greater control over the use of their data.

The law comes at a critical time for the industry, which is already facing tough questions over its data practices.

The General Data Protection Regulation (GDPR), which goes into effect across the EU on May 25, will drastically change what internet companies can do with customers' data.

Users will have greater control, including the ability to learn what information companies have on them. The GDPR will also codify what's known as "the right to be forgotten," meaning consumers will be able to order web services to delete their data or stop distributing it to third parties. The rules will also require companies to give users the ability to easily revoke consent for handing over personal information.