What’s happened?
n the year since Facebook changed its name to Meta Platforms – to reflect its new focus on a virtual-reality “metaverse” – the company has hit turbulence. Its stock price has slumped 60%, destroying more than half a trillion dollars of value, due to the market’s growing scepticism about its future. Mark Zuckerberg’s long-time lieutenant Sheryl Sandberg has left after 14 years, and Meta has begun quietly laying people off, shutting departments and freezing recruitment. In February, it announced the first-ever fall in daily users of Facebook, after 18 years of uninterrupted growth. That metric has