My reading of that comment is that FB itself hasn’t innovated in quite some time. FB “innovation” has come through acquisition. The core company hasn’t produced anything unique or compelling in over a decade. Instagram, WhatsApp, and Oculus were all acquisitions.

I fundamentally don’t think FB can innovate. And I don’t think the regulatory situation will allow them to continue acquiring to grow.

An example of this changing landscape is FB failed attempt to acquire Giphy. Can FB survive if they are forced to compete and innovate on their own? I doubt it.