The decline of Facebook
Parmy Olson writes: For years, Wall Street kept faith in Facebook’s powerful ad machine. Investors gave Mark Zuckerberg the benefit of the doubt when he bet the company’s future on the metaverse and they largely forgave callous business practices revealed by a whistleblower. What mattered was the constant user growth that kept the machine printing money — a machine that accounts for a remarkable 98% of total revenue. It is why, for years, “daily active users” was the North Star…