It seems like there have been many recent setbacks for FB on the privacy side. When do these setbacks begin to have material impact on the stock price?
I'd be surprised, if it hasn't yet had an impact. As you say, there's been a lot of losses for Facebook recently. I think, we're now up to 4 rulings of Facebook's data use being illegal in the past two weeks.
People considering to buy stock and people owning stock should hopefully be informed enough that noticed this.
There's also the GDPR upcoming in May. I cannot imagine that Facebook won't make losses when that hits. They might be able to defer the impact by mostly ignoring the law until they get sued, but ultimately it really just seems like it's going to be downhill from here on, which is not what anyone looking to buy stock is after.