The problem is this: The company is facing a crisis of identity that it will struggle to buy, or copy, its way out of. It’s not the best social media app, nor is it the best platform for content. No one trusts the company, or its management, to do the right thing. Its image has been stained with the recent revelations of harming teenage kids. It wants to evolve, but it is terrible at doing so. Antitrust regulators are watching the company like a hawk, meaning a splashy acquisition is out of the question. Its track record of innovating its own products shows it won’t create its way out either. And the Metaverse, the vision that Zuckerberg is willing to bet his entire company on — his entire life on — is still some years out (some predict as many as 10 years), and the project is already bleeding billions of dollars and crashing the stock price, the one thing that keeps the company, and Zuckerberg himself, in the shareholder’s good books, despite the constant shit storm the company swirls around in.
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