Facebook is exhibiting signs of systemic mismanagement, which is a new concern we had not contemplated until recently. Recall that our negative view on Facebook's stock has been primarily due to concerns about limits to growth for digital advertising in general and for Facebook in particular, which means more rapid deceleration than consensus expectations in our model's latter years. Relatedly, we have been concerned about rising costs to support revenue growth as well as higher costs required to manage a variety of issues, such as with content moderation or higher costs to vet partners and advertisers.
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