I think the author really underestimates how hard it is to stay relevant as a social network while trends and attitudes shift. So far Facebook's continued success has been pretty impressive. Some examples of great moves: Adopting oAuth to make Facebook the backbone of auth on the web, buying instagram when it was small, moving the company to be mobile first, buying whatsapp and making messenger a world class experience and now integrating the best features of Snap to counter that threat. The focus on messaging was especially brilliant given the current trend that people are moving away from social to a more messaging focused experience.

It's pretty amazing strategy regardless of how you feel about Facebook's recent issues. I would wager that >99% of CEOs would have failed to spot those trends in time and stay relevant.