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  "notes": "The slide uses a historical case study to argue that Meta's platform power is a existential risk to the target company.",
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      "text": "As Meta did with Zynga, Meta could change its TOS, its code, or both, and APP would be embargoed from its key (albeit improperly obtained) user data as well as ad revenue from Meta ads.",
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      "text": "Zynga's rise and its 2011 IPO was fueled by an online gaming app launched in Facebook (FB)... Zynga's reliance on FB proved to be a vulnerability. In 2012, Facebook changed its terms of service (TOS)... Facebook embargoed Zynga...",
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      "text": "a faster decline in existing Web games due in part to a more challenging environment on the Facebook Web platform. — Zynga (July 2012 earnings statement)",
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      "text": "Source: CapIQ (Note: Zynga was taken over by TTWO in 2022)",
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      "text": "Facebook (Meta) Embargoed Zynga, FarmVille Suffers a Drought – Share Price Falls 84%",
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