It wasn’t that long ago that Facebook seemed to be riding high—with its ad-driven money machine still humming and a valuation that, as recently as September, topped $1 trillion.

Facebook’s parent company, Meta Platforms, is today the poster child of the tech reckoning. And, more so than its fellow tech giants, Meta’s fate in the long run is anyone’s guess. Which makes it an interesting time to ponder how much longer its travails will last, and what it might look like on the other side.

This post first appeared on wsj.com

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