Meta Platforms has been on quite the journey in recent years. It really wasn’t that long ago that investors were writing Meta off as a plaything for Mark Zuckerberg and his metaverse ambitions. At the time, there was plenty to be concerned about. It does seem as though the message landed, as we started to see a change in the narrative at the company and a focus on things the market cares about, such as actually making money.

For the smart money, this upside optionality and the emergence of common sense was always the bull case. Zuckerberg is certainly an interesting character (like most tech stalwarts, it seems), but he’s also unlikely to drive the company he built into the ground. Even if financial motives aren’t that relevant to him any more, the reality is that a plummeting stock price makes it extremely difficult to attract the best engineers. He needs those engineers to execute the dream...

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