The headline is disingenuous given the overall market decline. No doubt the Meta decision was a massive drag on Facebook. It would be interesting though to see an estimate of the loss due to poor management / vision, vs other factors.
Also, (as someone who thinks Meta - by which I mean the metaverse - is stupid) I want to defend Facebook and say that doing nothing would also have made them quickly irrelevant. It's not like they could have rested on their laurels and expected FB and IG to be long term drivers of their stock valuation. Meta was imo a poor direction, but it was a direction, which is better than nothing
Also, (as someone who thinks Meta - by which I mean the metaverse - is stupid) I want to defend Facebook and say that doing nothing would also have made them quickly irrelevant. It's not like they could have rested on their laurels and expected FB and IG to be long term drivers of their stock valuation. Meta was imo a poor direction, but it was a direction, which is better than nothing