Everything I've read about this suggests it is an elaborate conspiracy theory that started on reddit. Like most good conspiracy theories there's an element of possibility -- I mean, I could see a guy who owns a pizza shop also being a human trafficker or something like that, it's happened -- so I don't see it going away anytime soon.
I could also see lots of these elites being pedophiles, why not?
But from what I can tell, there is very little substantive evidence that this particular pizza shop is the front for a massive child sex ring that caters primarily to establishment democrats.
As a side note, I have no idea what the context of that "two hours worth of pizza" text is, but I've had guys who sell weed insist on using time as a code for how much you're getting and pizza as a code for weed, although never both at the same time in my personal experience. For one guy the code was "Hey, mind if I hang out for a half an hour" = half ounce of weed and for another "half a pizza" = half an ounce. I think it's mostly over the top to have to buy weed in code, but I'm not the one selling it so what can I say?
As far as fake news goes, it seems like most of what people are getting mad at IS the Alex Jones infowars type crap, but on the other hand, isn't Zuckerjew in denial that this is a problem on Facebook?