Meta stock's all time high was around $400 a share some time in 2021.

When investors value the stock today and determine what price to buy it at today, the all time high price factors in a negligible amount in the decision. 

What price to buy the stock at today is determined entirely by what Meta as a company can do going forward.

The all time high price is a reflection of it's past potential and past achievements (as perceived by investors). And the current price is a reflection of it's current potential and current achievements.

All that matters is the current potential and current achievements. Meta cannot continue to make decisions based on that past potential, and hence the refined look at how many people to hire, what areas to invest in, etc.

We all have our own all time highs. 

It might be going to a top college, or working at a top company, or having a startup exit, or writing a bestseller, or any number of ways we can achieve a high.

Unless the all time high is also our current state, all it reflects is our past potential and past accomplishments and that shouldn't cloud our decisions today.