Meta's tech peers have also seen their stock prices erode by nearly 30 percent. But Meta's 57 percent drop is largely due to its metaverse experiment.
Facebook founder Mark Zuckerberg's personal worth has eroded by a whopping $71 billion dollars in 2022 alone, the most for any billionaire as tracked by. Zuckerberg's mighty fall is not just attributed to market factors and has put the spotlight back on his company's pivot to the metaverse.
Last year, amidst the high scrutiny on the whistleblower complaints at Facebook, CEO Zuckerberg announced his company's decision to focus on building the next big thing on the internet, the metaverse. This announcement was accompanied by areported multiple instances of big brands jumping into the fray to mark their presence in the metaverse. Real estate deals in this digital world scaled new heights, and everybody was excited about this new beginning.
For instance, numbers released by Meta earlier this year showed that it lost $10 billion in the last quarter of 2021 alone in its attempts to build the metaverse.
Spinning off businesses like WhatsApp and Instagram, both of which were acquired by the company, could help Meta in the long run, the experts say. Others think it is down toSHOW COMMENT
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