Meta Lost Multi-Billion Dallars From Its Metaverse Project
Things are not going great for Meta (Facebook's parent company), no matter how you look at it... From a declining user base to a dropping stock value, there's just a barrage of bad news after bad news. A lot of Mark Zuckerberg's value is tied to the Meta stock, which means that a drop in the stock value will also affect Mark's wealth.
Since the start of January, Meta stock has already lost 70% of its value thanks to a series of bad news for the company. And if we look at the company's most ambitious project, Metaverse, it has caused a loss of $9 billion to the company in just 2022 alone. Recently, the company released its earnings report, which also failed to impress the shareholders - As a result, Meta stock dropped by 24%.
Metaverse Platform - Is it Helping People?
It would not be a far-fetched claim to say that the entire future of Meta is now depending on its Metaverse platform. But if this platform fails to attract the mass's attention, it would be money down the drain.
If we look around, it seems that some people are indeed benefiting from the Metaverse platform. Recently, a professional comedian shared his experience on how he has opened a comedy club (virtual) on the metaverse platform. So by hosting his comedy club virtually, the said user is able to earn money.
So while Meta is losing money right and left, there are some people who are actually making money and benefiting from the Metaverse platform.
Recently, Meta has also introduced new monetization tools to its audience members through which they can make in-app purchases.
Meta Can Survive Hard Times
Despite the hard times faced by Meta, Mark Zuckerberg is still optimistic that Meta will survive these hard times. He went on to say that those who remain patient in such times will be able to benefit from future success.
Mark Zuckerberg said that the philosophy behind taking these extra expenses and even losses is that it will lead to greater returns in the near future.
So, for now, Mark Zuckerberg is only offering patience to its shareholders and a future promise of greater returns. But will it be enough to keep the shareholders on board? Only time will tell, but so far, things are not looking good since the start of this year.