Facebook/Meta Bulls what am I missing?

I am bearish on Facebook/Meta and to me, it seems like the beginning of the end of FB. Bulls what am I missing?

Here's why I'm bearish:

• FB misses earnings yet again blaming lack of ad revenue from Apple's privacy update. FB needs Apple, Google, and other websites to allow tracking of cookies for effective ads. If ads aren't effective, companies will quit paying and we are seeing that now.
• Meta has put in a TON of money into the Metaverse and for the metaverse to be successful people need to come back form work/office and put on an oculus headset essentially until they go to bed. After lockdowns, I feel people need more face to face connection and would seek that rather than metaverse connection. I also feel ads would need to be successful inside of the metaverse and that is a big bet.
• Peter Theil is now leaving Facebook after years at the company.