Is It a Coherent Strategy or a Wrong One?

The Facebook property itself, I think, is in secular decline for all kinds of reasons because of TikTok. And you need a competing operating system because you don't want to be under Apple and Google's thumb anymore. On the economic side, the horizon doesn't look great there. But when it comes to the business of Facebook itself, they really seem to be getting clobbered by TikTok.