Mark Zuckerberg’s substantial investments in the Metaverse have started to lead to financial losses for Meta, the parent company of Facebook, Instagram, and WhatsApp.
In this year’s third quarter, Meta reported a 4 percent decline in revenue compared to the same period last year, falling to $27.7 billion.
Meta’s share prices have plummeted nearly two-thirds since the beginning of the year, resulting in a staggering $650 billion loss in market value.
Despite this downturn and contrary to the concerns of investors and critics, Zuckerberg remains steadfast in his commitment to the Metaverse.
This fixation on the Metaverse world has begun to exert significant economic pressure on Meta. Zuckerberg continues to advocate for his substantial investment in this virtual reality world, even as Meta’s revenue and net profit have dropped in the third quarter of this year, compared to the same period last year.
The company’s revenue for this quarter has decreased by 4 percent year-on-year, amounting to $27.7 billion.
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