Good for Zuckerberg.
Bad for everyone with a mutual fund with Meta in it. That is a lot of people.

You don't actually lose (or gain) money on your investments until you sell. The market as a whole has been bi-polar and very volatile for most of the year. The market doesn't like unknowns. How the Federal Reserve is going to handle interest rates and where inflation is gonna settle out are still largely unknown. Hence the up and downs (mostly downs) over the past year or so. I'm not an economist or professional investor, it just my opinion.

Facebook gets it's coin from selling advertising space and that part of the business has pretty much run it's course. It's subscriptions have dropped and they forecast "weaker than expected" revenue growth for the coming year. They knew this awhile ago - milking money from selling advertisement space on it's social media platform can only go so far and is dropping. They don't think this cow can keep producing milk like it used to.

They (Facebook, now known as Meta) is trying to change lanes for the next revenue stream to what they think is the next big fish and be a leader in the Metaverse (virtual reality thing). It's a big change of gears but nobody knows if it will pan out. Although VR stuff is available now in some areas (video games and stuff), it's really in it's infancy. Maybe Meta can bring it to be as common as the cell phone is now. If so, they could win big. If not, FB and Meta might whither on the vine.

I wouldn't count them out just yet.

Netflix was another one that has been taking it in the nuts lately. They used to be the go to and had the streaming media sector by the balls but other streaming media services have moved in and started taking some of their turf.

Netflix stock is down about 28% in the past year.
Amazon is down about 17% in the past year.
Facebook(Meta) stock is down about 11% in the past year.
Tesla stock is up about 5% in the past year.
Microsoft stock is up about 25% in the past year.
Apple stock is up about 26% in the past year.
Berkshire Hathaway Inc. Class B is up about 31% in the past year.
Google stock is up about 39% in the past year.
UnitedHealth Group Incorporated is up about 48% in the past year.
NVIDIA stock is up about 75% in the past year.

If you a hold standard index fund that tracks the S&P (based on market cap) via Mutual funds or ETFs (you probably do) in your 401(k) or IRA or other investment accounts, these are your top 10 holdings. These 10 make up nearly 30% of the S&P 500 (again, based on market cap).

I like this video

https://www.youtube.com/watch?v=24NzYWvITRc

Their value to society has been nothing short of crap since they were created.

Not sure I agree with this. Say what you want about social media (I'm not a big fan of it) but it has and did set up a community where you can connect with friends and family or folks of similar likes on a single platform with chat and video shares and so on who might be able to connect in other ways. Not everything has to be public, you can set up private groups too.

Some examples:
Old granny is not tech savvy but if grandkids set an account for her and link her to their other friends and family, she can be connected and be included with family who may live long distances away.

Many small bushiness can and do easily set up a Facebook page rather than trying to create their own website.

Local community groups that share common interests (examples: play groups in the area, single mothers in town X, area car or motorcycle groups, what's happening in your town) can set up a page to exchange information.

Facebook marketplace has pretty much taken over where CraigsList left off.

There are positive things, I think, that have come out of it. But just like anything, it can and has been abused along the way. Pick and chose your poison.

I heard this may be related to a jacking of some lazy dumazzes' dormant account... I overheard a coupla Russian guys whispering about it...pretty sure they were Russkies...coulda been Koreans, if the light were better, they mighta been Nigerians...but then the smell was of a 400lb Murican dweeb in his Mom's basement...