“When a company starts playing weird games with how it reports user activity, something is going very, very wrong. In general, when a company starts trying to obfuscate the true numbers about its revenue, growth, or profit, it’s a bad sign. Enron is the best example of this, with the company notorious for using esoteric metrics in its quarterly financial statements to disguise the fact that it was over-leveraged, dysfunctional, and hemorrhaging money at a prodigious level. While I don’t really want to draw comparisons between Meta and Enron, there’s an undeniable truth in the adage that “if you have nothing to hide, you have nothing to fear.” Healthy, stable, functional companies don’t feel the need to create new, novel metrics. They just don’t.”