by Dmytro “Henry” Aleksandrov, Headline USA:
‘This is a massive undertaking and it’s often going to take a few versions of each product before they become mainstream…’
(Dmytro “Henry” Aleksandrov, Headline USA) Facebook’s parent company Meta lost billions of dollars, primarily because of the founder and CEO Mark Zuckerberg’s “Metaverse” which most people find very dystopian.
It was reported by Slay News that Meta has been losing billions of dollars every year since 2019, with the losses increasing every year.
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Despite that Zuckerberg’s Meta, the parent company of Facebook, Instagram and WhatsApp, invested a lot of money into his Metaverse, hoping that it would become very successful, the project turned out to be a big flop and a huge money pit.
Zuckerberg hoped that the overwhelming majority of people in the world would start using Metaverse, a virtual-world version of the Internet that users access by wearing virtual reality headsets, and eventually, start “living” their virtual “lives” there.
However, he never predicted that most people would think that Metaverse is a very creepy and dystopian plot to enslave humanity.
In the first nine months of 2023, the Reality Labs division, the leader of the project, recorded an operating loss of $11.5 billion, according to Statista’s Felix Richter.
The company might be on course to break its negative record of $13.7 billion in 2022, the figure suggested. Additionally, it was reported that the company lost $10.2 billion in 2021, $6.6 billion in 2020 and $4.5 billion in 2019.
Over just these four years, Zuckerberg’s Metaverse scheme has lost the company close to $50 billion so far, which is already $6 billion more than Elon Musk paid for Twitter — an entire social media company.
