Following WhatsApp's announcement, there was a huge uproar thanks to privacy concerns emerging from data sharing and many WhatsApp users chose other, more private messaging apps like Signal and Telegram, over it.
WhatsApp tried to settle matters by saying that private chats on the platform will remain end-to-end encrypted as they always were and Facebook will have no access to it. However, chats with business accounts on WhatsApp will have data shared with the businesses concerned, Facebook and companies owned by Facebook.
Under WhatsApp's new policy, users can either accept it or exit the app. The option to not share data with Facebook or other Facebook-owned apps or third party apps does not exist.