Here's how it goes:
As of January 4th, 2015 at 5pm Central standard time. I do NOT give Facebook, or any entities associated with Facebook, permission to use my pictures, information, or posts, both past and future. By this statement I give notice to Facebook that it is strictly forbidden to disclose, copy, distribute, or take any other action against me based on this profile is private and confidential information. The violation of privacy can be punished by law (UCC 1-308-11 308-103 and Rome statute). NOTE: Facebook is now a public entity. All members must post a note like this. If you prefer, you can copy and paste this version. If you do not publish this statement at least once it will be tactically allowing the use of your photos, as well as information contained in the profile status updates. DO NOT SHARE. You MUST copy and paste to make this your status. I will leave a comment so it will be easier to copy and paste!!!
Don't even think about copying and pasting. The only thing reproducing this status will achieve is to irritate your friends who are sick of seeing it.
The fact is you already own any content you put on Facebook, and that isn't going to change. However, you may be inadvertently granting Facebook permission to use, distribute and share the things you post, and this is where the story appears to have become confused; the only way to protect your media is to ensure it is not visible to everyone in the privacy settings. Also see: How to make Facebook private and What is Facebook Privacy Basics?
Back in November 2012 when these hoax posts first began doing the rounds, the company stated: "There is a rumour circulating that Facebook is making a change related to ownership of users' information or the content they post to the site. This is false. Anyone who uses Facebook owns and controls the content and information they post, as stated in our terms. They control how that content and information is shared. That is our policy, and it always has been. Click here to learn more: facebook.com/policies."
It's important to note that any terms and conditions to which you are bound were explained when you signed up to Facebook. Facebook can't change the terms without telling you, and posting a status update won't protect you from those you've already agreed to - if you don't like its terms (the actual terms, not the rumoured ones) then deactivate your account and stop using the social network.
Sign up for Computerworld eNewsletters.