The company’s heavy investment in the metaverse has also raised concerns among analysts and investors., its metaverse division, made a $3.7 billion loss over the past three months, and there is no end in immediate sight.
In its third-quarter report, Meta said it anticipated that “Reality Labs operating losses in 2023 will grow significantly year-over-year.”said he was confident that the company’s spending on the metaverse would pay off. “Look, I get that a lot of people might disagree with this investment, but from what I can tell, I think this is going to be a very important thing,” he says. “People will look back a decade from now and talk about the importance of the work being done here.”
“Over time, these are going to end up being very important investments for the future of our business,” Zuckerberg adds. The 19 percent tumble in Meta’s share price slashed a further $10 billion off the personal wealth of the company’s CEO. Zuckerberg, who is Meta’s largest shareholder and who has most of his fortune in the company’s shares, had already seen his net worth plummet by at least $70 billion by September this year.
Good
Good. Democracy worldwide would be better off without it.