Markets can stay irrational longer than you can stay solvent.
But the real story is simply Human Nature at work. Everyone ( or at least a sufficient amount of people with Power ) hates Facebook. And they need a good story to shit on it.
But the real story is simply Human Nature at work. Everyone ( or at least a sufficient amount of people with Power ) hates Facebook. And they need a good story to shit on it.
No, not everyone. Everyone on Reddit, and 50% on HN hate Facebook. All the power they have is to post snarky comments, upvote, and (maybe) downvote.
Easier said than done, as I know because I still use Messenger.
In certain contexts that distinction may not matter - a user is a user, right, who cares how much they hate you? But if a large enough percentage of your users hate your service, it should at least in theory reduce whatever moat you've built that keeps them captive.