Business Maverick: Meta plummets 25%; Zuckerberg pleas for ‘patience’ falls flat

On a call on Wednesday after giving a disappointing revenue outlook, Zuckerberg sought to justify Meta’s ballooning costs to fund its version of virtual reality, the metaverse, as well as the artificial intelligence fueling major changes to its social networks.

Meta now expects total expenses for this year to be $85-billion to $87-billion. For 2023, that number will grow to an expected $96-billion to $101-billion, the company said on Wednesday. Meta’s not the only internet company suffering from a weak advertising market; both Alphabet and Snap got hammered on similarly lacklustre results. It is the only company that’s overhauling how its social media platforms work while spending about one in every 10 dollars it generates in sales on a virtual future that’s still years off.

The more this fails the healthier we get as a society.

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