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Re: "What's going on?"

FB's stock price zoomed higher during the Pandemic.

The basic thinking - people could get their news and information and maintain contact via Facebook during the Lock Down.

Problem - doing what Facebook does is not that complicated or expensive, so dozens of other companies are nibbling away at Facebook's customer base.

Also, Apple introduced a computer and cell phone privacy option that blocks Facebook's ability to gather purchase and subject interest data from Apple customers.

Facebook projects a $10 billion advertising loss because of that new software.

Also, the EU says Facebook is unlawfully transferring European customer data to the USA. Facebook says it may have to shut down its presence in Europe if that information is blocked.

All that plus the way they deplatform people.

The way they control what you can say, discuss, etc.

Want to talk about alternative therapy for covid, nope they label your post and if they determine egregious enough suspend your account or deplatform you entirely.

Several folks that I follow not have separate social sites entirely. Created their own platforms and charge a nominal amount to access their private feeds.

There is significant migration away from FB happening. FB has even resorted to not allowing one to delete your account. You can deactivate it, but it is never really deleted unless FB deletes you.

Second from an advertiser standpoint if you are running ads on FB, only people on FB see your ad. You used to be able to follow public accounts and not have to join FB. Not so anymore, you have to join if you want to follow a brand or influencer either on FB or Instagram.

They’ve done a lot to feed people the nasty sandwich that is their product.

Last but not least, need help with your account? There is no customer service behind the social wall. It is all bots and algorithms. You have no control over the account you created on their platform.

And let’s not forget the biggest privacy breaches and hacks have occurred on Facebook. With all the data they collect on you both on the platform and off all of that was breached at least twice last year.

Tons of reasons to migrate off the Facebook Metaverse platform and smart business is walking away from it.

Agree with everything ZS said about why FacePlant is down. And there's also the facts that they recently reported their subscriber numbers being way down.

Last but not least is that the stock price has been sky high for a while. With virtually all stock indexes and individual companies, particularly companies that don't produce tangible necessary goods, when the stock price shoots way up it reaches a point where just about any catalyst will bring it back down a lot.

If you turn your back on your toddler for a few seconds then all of a sudden see that she has climbed high on a ladder, you're not worried about what will make her fall: the clumsiness of a toddler, wind blowing, if the ladder rungs are slick from dew, if the ladder itself falls, etc. All you can see is that she's up high and has a lot of room to fall and get hurt, regardless of what causes her to slip from the ladder. That causes you to run to her and get her down safely no matter what else is going on. All the more so if you see her start to slip. If she was up just one or two rungs on the ladder (read: not liable to get hurt if she falls because she's not high on the ladder) your fear reflexes probably won't kick in like that. But the higher she is on the ladder the more worried you get.

That's how investors often feel after stocks or indexes have climbed to crazy heights -- they look for an exit strategy (sell) -- even more so when it starts going down (read: looks like it's falling).