Facebook stopped burning VC money a long time ago. They've been wildly profitable for years. Their success is largely because of paying high salaries to attract some of the best people, not in spite of doing that.
The real issue seems to be that they're losing $3bn a quarter building the Metaverse (eg Reality Labs) at the same time as losing ad revenue because of things like Apple's antitracking changes and failing to innovate Instagram allowing competitors like TikTok to eat a big chunk of their market.
The real issue seems to be that they're losing $3bn a quarter building the Metaverse (eg Reality Labs) at the same time as losing ad revenue because of things like Apple's antitracking changes and failing to innovate Instagram allowing competitors like TikTok to eat a big chunk of their market.