Stock markets are secondary markets. When you buy or sell Meta stock no money flows in or out of Meta. If Meta don't want to raise more capital, which they don't, ... their stock price means nothing to them until the shareholders revolt and vote for change (except they can't in Meta's case, since Zuck has total control).
There’s a technical detail here to note though. To management the share price actually does matter because they have a fiduciary duty to maximize shareholder returns, and the board even more so. So while it’s true equity has no bearing on current operations, current operations does have to consider share price.
Well, it does exist but it’s premise is twisted and unclear. Dodge v Ford established such a duty exists but over time (as discussed in the article you linked) it’s been interpreted as a duty to the long benefit of shareholders. Dodge v Ford hinges on the fact Ford stopped paying dividends to pay his workers and that it was an enrichment of the employees at the expense of the equity holder. That’s been twisted around but never fully dismissed or accepted. But you can see shareholder value lawsuits all the time. However it’s a common law civil duty, not like a financial manager fiduciary responsibility that can bear criminal teeth.
