They're just floundering around. They have some money and a what I assume is institutional and investor pressure to find something to do with it that will give big returns. But not only do they have no good ideas, they have not demonstrated that they even have the potential to have a good idea. The smartest thing they could do is buy some companies and hope their bets pay off. Or just fold everything that's not Facebook, and return the rest of the money to shareholders.
More realistically, Zuckerberg should resign, and they should bring in someone with a vision for how to run the company that's not just chasing trends.