Is Facebook / Meta in trouble? Kinda. I mean, it has lost a lot of market cap. On the other hand, having done so brings it other benefits, such as less scrutiny:
Facebook market cap under $600 billion threshold for antitrust bills
And losing value is not the only problems it has, as this shows: 6 Reasons Meta Is in Trouble – The New York Times.
I think instead of thinking it is in trouble, think of it in transition. The rebranding is only part of transition. Transitions tend to be tough. Right now Facebook sees itself in a corner in many ways: from declining users to pressing regulators. It has to do the transition at some time and now is likely the best time. So yes, it is in trouble, but not fatal trouble. I suspect we will have Meta with us long into the future.