It was not a good day for Meta Platforms Inc. or its investors, but it was a good day for capitalism.

After a quarterly earnings report revealed a decline in Facebook’s daily active users — a first for the company — Meta’s shares plunged by 26% on Thursday, some $250 billion in market value was eroded and analysts declared the behemoth all but dead. That prediction may well prove wrong. Regardless, the selloff was a reminder of why Washington’s approach to reforming tech can sometimes miss the mark.

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