Meta Has Entered Its Death Spiral...It's rotting away.

It’s hard to even imagine now, but immediately after it launched in 2004, there was nothing on the internet cooler than Facebook. It was initially available only to Harvard students, then gradually expanded to students at other elite colleges, giving it an aura of exclusivity that founder Mark Zuckerberg clearly coveted. By the time it opened up to public accounts in 2006, the hype was palpable, paving the way to an explosive initial public offering in 2012. Since those salad days, its trajectory has never been quite the same. Sure, it’s maintained market share with a series of cynical acquisitions...