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This leaves company shares with a price to earnings ratio of 12. Given the size of the company and difficulty such companies have growing, this looks to be about fair value.

An investor with a long time horizon and the ability to see past the obvious social ill this company is committing might find a good entry point soon.

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Normally I’d agree with you, but here’s where I think perpetual voting control by Zuck fatally undermines that investment thesis.

If he were content to manage a stable (or declining) company and throw off cash to his shareholders for the next several decades, that’d be one thing. But instead he has ultimate decision to continue writing ten-digit company checks every month to pursue the metaverse.

Or a would-be employee.

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