Facebook could have had their own OS on mobile back in 2011 / 2012 but didn't have the capital.

Facebook had the opportunity to launch a mobile operating system to compete with iOS and Android in 2010 or 2011. However, they needed several billion dollars to fund the project, which they didn't have at the time. Going public could have been a solution, but Mark Zuckerberg was not comfortable with it. In hindsight, it would have been a no-brainer bet as Facebook could have disrupted Android and iOS in those years. This missed opportunity is evident when considering the significant amount of money Facebook later spent on AR and VR.

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