Facebook invests billions in metaverse efforts as ad business slows

Chief Executive Officer Mark Zuckerberg has said Facebook in the coming years will be seen as metaverse company rather than a social media company, as it makes a number of investments to expand the technology.

Shares of the company were trading up about 2% at $336 in extended trading on Monday. Facebook, whose shares have gained about 20% so far this year, is about $85 billion away from regaining a spot on the $1 trillion club and joining new entrant Tesla IncThe world's largest social media network is under scrutiny from global lawmakers and regulators, including from the Federal Trade Commission which has filed an antitrust lawsuit alleging anticompetitive practices.

Its third-quarter revenue too faced the brunt of Apple's privacy rules that made it harder for brands to target and measure their ads on Facebook. The company's total revenue, which primarily consists of ad sales, rose to $29.01 billion in the third quarter from $21.47 billion a year earlier, missing analysts' estimates of $29.57 billion.

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Facebook whistleblower 'shocked' about company’s investment in metaverseFacebook whistleblower Frances Haugen was “shocked” when she heard the company planned to hire 10,000 engineers to work on the metaverse, when its money would be better spent on safety, she told British lawmakers. .. but spending money on 'safety' would clearly cut into those sweet profits, so, no. Fortunately, it’s not her job to decide how FB spends their money. Unfortunately, safety doesn't equal revenue.
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