Large public companies aren't innovators. Innovations requires risk. Meta is a huge part of retirement portfolios and pensions, which are extremely risk averse. There is an expectation that the company is going to do an efficient job at extracting profits. If Meta isn't meeting that expectation, the market reaction is to be expected .
Yeah, the traditional move for a company of Facebook's size would be to pivot from a growth play to a value play, and focus on value extraction. Perhaps even - gasp! - pay dividends. This would have been a lot more appealing to the big insto funds and potentially bouyed the share price.
The current plunge we're seeing is a vote of no confidence from the market.
