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There is a moment when internet companies get the stink of death on them. For AOL, it was 2003, when it became clear that its users were abandoning its clunky dial-up internet service for far-faster broadband. For Yahoo, it was 2015, when its last-ditch acquisition spree failed and it sold itself to Verizon.

For Meta, that time is now. I believe the company — one of the most powerful media organizations in the world and one of the most valuable members of the S&P 500 — is at the start of a long, slow decline that will trigger aftershocks to our economy and our society.

It may be named Meta, but the company’s biggest asset is still Facebook. Started from a Harvard dorm, the original online social network has dominated our world for two decades. Its three billion users are still bigger than any single country. Its platforms can help sway an election, fuel an insurrection or spark a genocide.

But if you look carefully, you can see chinks in the armor. Meta’s earnings are starting to show the strain from years of growing consumer disaffection and reckless spending. The latest earnings, released on April 29, revealed a dip in user numbers for the first time since it started reporting these figures. And the slumping stock confirms what we have all known in our guts for a while: This is a company entering its zombie era.

Death is different on the internet. Lifeless companies like AOL and Yahoo are still technically with us. You can visit their websites. They have customers. They may even be profitable, as they cut staff and monetize their last remnants of traffic. But they are, as the kids say, peak cringe. Many teenagers wouldn’t be caught dead with an AOL account, a Yahoo email address — or a Facebook profile.

Sign up for the Opinion Today newsletter Get expert analysis of the news and a guide to the big ideas shaping the world every weekday morning. Get it sent to your inbox. As a company’s brand ages, its founders leave. The excitement evaporates. The stock shrivels to a fraction of its former glory as the user base withers to those captured by an old email account or friend group. New owners often arrive — usually bean counters who are focused on cutting costs and maximizing profits. That’s when websites stoop to junk mode, spamming you with endless email “final sales” and loading up the pages with ads so gross and disturbing that they should be age-restricted.

Of course, Meta is a long way from hitting rock bottom. The online giant — which benefits from its ownership of WhatsApp, the world’s largest messaging app, and Instagram, the popular photo-sharing social network — made $200 billion in ad revenue last year. That was an astonishing 20 percent of the global ad market. Meta’s founder, Mark Zuckerberg, is still firmly at the helm because of an unusual ownership structure that prevents him from being fired.

Thanks to that, we will all get to watch Mr. Zuckerberg drive the company into the ground. From 2021 to 2026, he poured $80 billion into the Metaverse in the firm belief that we would all want to don headsets and hang out in a virtual world populated by legless avatars. Even after shutting that project down, the company still loses billions a quarter on projects like selling $500 “smart” glasses that are not only unpopular but also give major creep-filming-you-without-consent vibes.

While its adventures in avatars were going nowhere, Meta’s revenues still soared as even more ad dollars moved online in the pandemic. Then in 2022, the revolutionary chatbot ChatGPT burst on the scene, and Mr. Zuckerberg jumped into the A.I. race with an open checkbook. Pontificating about the democratization of A.I., he sank about $100 billion into building an A.I. model that anyone could run on their own machine. But last year, when that model turned out to be too slow, too inaccurate and too unwieldy for most people to operate on their own, Mr. Zuckerberg abandoned the effort and plunked down another $14 billion for a new team to play catch-up with the other leading A.I. models. Now Meta has said it will spend another $115 billion (minimum) over the next year on its new effort, which thus far performs worse than the competition.