Facebook CEO Mark Zuckerberg testifies before a House Financial Services Committee hearing on Capitol Hill in Washington, Oct. 23, 2019. (AP Photo/Andrew Harnik)

An oversight board is criticizing Facebook owner Meta's policies regarding manipulated media as “incoherent" and insufficient to address the flood of online disinformation that already has begun to target elections across the globe this year.

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The company faces challenges on multiple fronts, but it was a dismal earnings report Wednesday that triggered the sudden collapse in its share price.