I can't help wondering if Meta is suffering death by GDPR and co. Meta really had only one revenue stream: ads. Given the recent GDPR fines, it's clear that personalized ads are increasingly illegal in the EU. Other jurisdictions will follow suit (e.g. CCPA).

Contrast that with Google, who, although makes tons of ad money, had other revenue streams: cloud, workspace, YouTube Joins, pay, App Store, etc.