Try telling any Brexiteer or Remainer that their views are fake and see what happens? I think that will apply to most so called facts. Any story is subject to interpretation.

Over the weekend I had a long debate with my sister who was over from Germany. Because her premium renewed automatically she believed that she did not have to inform them of any speeding or other convictions. 'It's different in Germany' she said and that was that. No amount of what I thought was logical explanation could persuade her otherwise. Those were the facts and that was that

So it will be interesting to see how the social media owners interpret what is fake, what has been slightly embellished and what is correct?  As for deciding what is legal and what is illegal...that is a tall order which will need an army of lawyers to crawl all over content. When that happens I fear the death of social media will quickly follow.