I had many reasons for skepticism about Mark Zuckerberg’s empire, but focused on a single absurd fact in the opening paragraphs. Meta’s shares have fallen almost $250 per share since then—that’s a decline of half a trillion dollars in market value. A few days ago, Zuckerberg talked about a plan for selling Meta’s excess AI computing capacity. Earnings were far below estimates, but free cash flow numbers were a total disaster—down more than 90%. Below are nine far more terrible revelations about Meta—much worse than the earnings call yesterday.