[A]ccording to its last investor slide deck and basic subtraction, Facebook is not growing anymore in the United States, with zero million new accounts in Q1 2019, and only four million new accounts since Q1 2017. That leaves the rest of the world, where Facebook is growing fastest “in India, Indonesia, and the Philippines,” according to Facebook CFO David Wehner. Wehner didn’t mention the fine print on page 18 of the slide deck, which highlights the Philippines, Indonesia and Vietnam as countries where there are “meaningfully higher” percentages of, and “episodic spikes” in, fake accounts. In other words, Facebook is growing the fastest in the locations worldwide where one finds the most fraud. In other other words, Facebook isn’t growing anymore at all—it’s shrinking. Even India, Indonesia and the Philippines don’t register as many searches for Facebook as they used to. Many of the “new” users on Instagram are actually old users from the core platform looking to escape the deluge of fakery.

Aaron Greenspan on Fakebook.

Also known as, “What happens to your unregulated market growth when you literally run out of physical market to grow in?”

See also: Late-stage capitalism.