Meta’s trajectory over the past few years has been defined by its response to Apple’s App Tracking Transparency, or ATT, privacy policy, with its recovery serving as a blueprint for success in the modern digital advertising operating environment. And in adapting to ATT, Meta may have executed one of the most remarkable, wholesale business model transitions in modern corporate history.

The company transformed the core engagement model of its two flagship products, Facebook and Instagram, while re-engineering the digital advertising infrastructure that serves as the singular revenue engine of its business. And in doing so, Meta grew its stock price from a low point of less than $100 in February 2023 -- a level the company hadn't seen since 2016 -- to over $600 today.

How did Meta go from a 4% year-over-year revenue decline in Q3 2022, with Mark Zuckerberg earnestly entreating investors to remain patient, to 25% revenue growth in Q3 2023? And what catalyzed both of these inflections? In this podcast, I’ll tell the story of Meta’s renaissance: the factors that led to the company’s tumultuous decline in 2022 and, critically, what the company changed to invigorate growth in 2023 and 2024.

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