As usual many highly upvoted takes here devaluing FB and claiming the ads don't work or are all just fake clicks.

Hate FB or not their ads work well and this article is spot on from my experiences, though words like 'attack' have clear bias.

I run direct response ads raising money for non profits and political campaigns on FB. This month has been a big struggle.

While I can't quantify how much is due to limited iOS targeting, I know that we get lots of value from targeting donor lists which is harder now and ios users donate more. Doesn't help FB reported a 15% discrepancy bug which would effect optimization.

I used to be heavy bull on FB based solely on the ads I buy and the ROI/value they provide. But I this has been a scary month. The bid market will eventually level out but if the targeting value loses say 25% effectiveness that will kneecap a ton of businesses who advertise there with thin margin.

BTW thanks for sharing this format I love Axios and this looks like a great tech focused 'smart brevity'-style