I agree with the general sentiment. It is staggering that they have spent at least 10s of billions if not > 100b trying to diversify away from ads and still do not have meaningful alternative revenue stream. It is one of the biggest mysteries to me. How is it possible to throw so much money and so many smart people at so many different problems and have no results? Microsoft and Amazon don't seem to have this problem but Facebook seems to suffer as well.

That being said, their advertising business is insanely successful. I suspect they could at least double their stock price (and thus the wealth of their investors) if they dumped their speculative bets and focus on ads. It is extremely profitable and revenue keeps growing > 20% from a large base.