The year has begun for Facebook like last year ended. Having been barred from buying GIF-site Giphy last year, its CEO Mark Zuckerberg has discovered he can’t buy his way out of trouble as he did with Instagram and WhatsApp.

The cause of his conundrum is that he can’t reinvent Facebook or Instagram into a virtual reality (VR) app or TikTok. Both are floundering, and Facebook’s new holding company, Meta, is bereft of ideas on how to keep growing...

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