WhatsApp updates Privacy Policy, lefts users with no choice
In the most recent WhatsApp update, Facebook made it clear that it's mandatory to share data with the owner company (Facebook) & it's subsidiaries. WhatsApp has updated its Privacy Policy & Terms of Service which will come into force from 8th February 2021.

WhatsApp will collect, store & share your-
Location Data
Transaction/Payment Data/History
Business Interaction
IP Address & System Information
Chat Data
To improve users UX (User Experience), some believe ads will also appear soon on WhatsApp.
Users will have to accept the new Privacy Policy & terms of service, to continue using WhatsApp on their devices. As far as chat data is concerned, WhatsApp will store texts & media chats on their server for 30 days for better user experience.

"WhatsApp currently shares certain categories of information with Facebook Companies. The information we share with the other Facebook Companies. includes your account registration information (such as your phone number), transaction data, service-related information, information on how you interact with others (including businesses) when using our Services, mobile device information, your IP address, and may include other information identified in the Privacy Policy section entitled ‘Information We Collect’ or obtained upon notice to you or based on your consent", mentioned WhatsApp on their FAQs website.

Read the new Privacy Policy here.
Meanwhile memers are flooding Twitter with WhatsApp memes.
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