Not the OP, and this is just speculation on my part so take it with a grain of salt.
Meta gets the overwhelming majority (97.7%) of their revenue from advertising[1]. Their business model is completely reliant on using user data to sell highly targeted ads to sellers. While most consumers don't actually care what corporations do with their data, governments have been starting to crack down on the types of data that can be collected, and what it can be used for, especially with GDPR in the EU. The less data Meta can collect, the worse their targeted advertising will be, and fewer sellers will be willing to pay - or pay as much - for ads on their platforms. As it is, many companies are moving more towards influencer sponsorship for advertising, cutting platforms like Instagram out of the cost entirely.
The problem is that all of Meta's eggs are in one basket, and that basket's bound to drop. Most other big tech companies have more diverse revenue sources, and so are more robust.
That being said, I disagree with the premise - Netflix is probably going to the first FAANG company to fold.
[1] https://investor.fb.com/investor-news/press-release-details/...