Though management's questionable shift in focus to the Metaverse over its core apps and spending $10B+ annually on it is certainly largely responsible for the drop, it's also clear the the competition of its core apps is fiercer than ever. Unlike a search engine (GOOG) or ecommerce site (AMZN) that have more evergreen business models, every new generation wants to use a different social media platform than its parents which makes FB's business model inherently more risky and difficult to maintain long term, which is large part of the reason that even before this dubious shift, the market had assigned FB the lowest P/E ratio out of all big tech.