[drc500free]

Unfortunately, top-down mandates are imperfect and should be avoided as much as possible. Net profit matters to an operator who cares about today's profitability, but not at all to someone whose paradigm is "thinking in bets" and future payoffs. And the street has been rewarding people who ignore today's profits in favor of the narrative about tomorrow's growth.

From afar, it looks like Meta's leadership is a bunch of future thinkers who got told to cut today's costs, and it's not a well-practiced muscle for them.