There is definitely something wrong about Facebook using its position of power to buy up crappy companies for millions without suffering any ramifications whatsoever.
It's definitely costing shareholders something but the sheer power and inertia of Facebook means that the loss is imperceptible in the grand scheme of things. Facebook really can print money out of thin air it seems.
I actually think that if Facebook did not buy Instagram or WhatsApp; both of them would have died out. Even Kevin Systrom alluded to this when he was asked if he regretted selling Instagram to Facebook. Just wait and see what will happen with Snap... Assuming Facebook doesn't buy it.
It looks like Zuckerberg never makes bad deals but I think that it's just the inertia of Facebook that makes it impossible for a deal to go bad.
Whenever I read about a Facebook acquisition, I roll my eyes because it tends to be very random... And yet it seems to always work out.
Even the software tools and frameworks that Facebook pushes out are instant runaway successes. Even Google doesn't compete on that field despite having much more experience in this area... And as a developer, I think that Google tools and frameworks are better too.