Meta Muse 日活下降 62%，內部人士大規模出售股份

Meta's autonomous agent app is losing downloads and daily-user growth, and a short seller is pressing the point; the insider selling, though scheduled months in advance, has run one way. The stock closed near $719, about 8% under Zuckerberg's sale price and far below the Street's highest target, $1,000 at Wells Fargo.

A five-million-download start, now cooling

Meta+3.29% — Meta, up 3.29 percent today launched Muse, its autonomous AI agent app, on September 8, built to carry out tasks rather than just answer questions ¹. It drew five million downloads in 22 days, an opening only 23 apps have ever beaten, and topped the US free-app charts ²³. By the estimate of Hunterbrook, a short-selling research firm, the run added about $200 billion of market value ³.

Downloads have slowed since. They averaged about 165,000 a day in the seven days to October 7, down 8.1% from roughly 180,000 the week before ¹⁴. The October 6 reading, about 170,000, sat 21.1% below the September 24 peak of about 215,000 ³.

Net new users fell far faster than downloads

User growth cooled faster than downloads: net new daily users fell from about 198,000 a day in the week of September 15 to 87,000 the next week and 74,000 in the week to October 6, a 62.4% drop, while weekly reviews fell 11.6% to 4,716 ¹³. Daily actives set a record, 2.73 million on October 6, but trailed Threads at the same age, and Threads had launched globally and lost users faster after its debut ³. Sensor Tower, a second tracker, counts lower levels: 1.8 million daily users on 6.6 million downloads ⁵.

An agent with fewer places to act

Hunterbrook disclosed the Meta short on October 9 alongside the data, betting enthusiasm had run ahead of usage ⁴. Weeks earlier its investigative arm, then holding no Meta position, reported the agent could be prompted to compile lists of Facebook and Instagram accounts tied to undocumented immigrants, transgender teachers and women who ordered abortion pills ³. Useful agents need deep access to accounts and personal data, which is where the risk sits ¹.

Amazon−1.08% — Amazon, down 1.08 percent today said in September it had blocked Muse from shopping for customers, and TickerTrends, the app-data firm whose metrics underpin the short, tracks user reports of restrictions at Costco and Netflix+0.41% — Netflix, up 0.41 percent today as well ³. Zuckerberg has called Muse "the centerpiece of our vision for what we're building" ³. An agent shut out of Amazon has a narrower pitch than the one Meta advertised.

172 sales, zero buys

Unusual Whales, an insider-trading tracker, counted 172 insider transactions at Meta over six months, none a purchase ⁶. Zuckerberg sold $21.4 million of stock on September 24 with shares near $778; Javier Olivan, Meta's chief operating officer, sold about $24 million; chief financial officer Susan Li also sold ⁶. EDGAR logs 40 of the filings, the insider trade disclosures, between June 17 and October 7 ⁷.

The filings cut both ways: the sales ran under Rule 10b5-1 plans set months in advance, some entries were tax withholding, and one filing states it "does not represent a sale" ⁶. A preset plan explains the selling; nothing in the filings explains why no insider has bought. The stock closed Friday near $719, about 8% under Zuckerberg's sale price ⁶.

A $1,000 target that waits on 2027

Wells Fargo raised its Meta target to $1,000 from $796 on October 6, tied for the highest on the Street, and 56 of 63 analysts rate the stock a buy or strong buy ⁸. Analyst Ken Gawrelski expects earnings per share to bottom in 2027, a spending cycle he compares to Reels in 2022 though "potentially much larger," with little Muse revenue before then ⁸.

The June-quarter accounts show the bill: total costs up 55% to $42.03 billion, operating margin down to 31% from 43%, free cash flow at $784 million after lease payments and $1.7 billion before them, as the chart shows ⁹¹⁰. Buybacks ran at zero, long-term debt reached $83.66 billion, and the consensus price target sits at $794.96 ⁹.

Q3 is the verdict on Muse engagement

Meta's third-quarter report lands against a 2026 capex guide of $130 billion to $145 billion and revenue guidance of $61 billion to $64 billion ⁹. Downloads measure curiosity and daily actives measure habit ¹. Both are slowing, and the habit measure, net daily additions, is slowing far faster; Q3 will show whether that is a launch lull or the product's shape ³⁴.