
WhatsApp details two ways to opt out of sharing data for Facebook ad targeting on its blog here.
Firstly if you haven't already agreed to the new T&Cs you can opt out before agreeing to the new terms by tapping to read the full terms of service and privacy policy - and scrolling to a control at the bottom of the document - where there's a check-box option for sharing the data which you then untick before hitting agree...

To exercise your opt out in this scenario you need to go to Settings > Account > Share my account info in the app and uncheck the box/toggle the control displayed there.
There you go, no more data collection by the data mining Facebook!
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