No, he’s saying the internet upended the old funnel model by providing democratized global distribution to anyone, but now Facebook has not only largely reversed progress, they’ve done worse by profiteering on content they’ve assumed effectively zero cost, risk, or effort in distributing.

Furthermore, they’ve destabilized democratic societies and radicalized neighbor against neighbor (speaking locally & globally.) Again, all the while, profiting from their carelessness, suffering few, if any, meaningful consequences.