Social media behemoth Meta’s big bet on the virtual world metaverse has been a flop – a costly one so far, it was revealed when the company presented its quarterly report on Tuesday.
This year the market value has been halved, says SVT’s economic commentator Alexander Norén.
This week, the American tech companies presented their quarterly reports, and on Tuesday it was Meta’s turn, which owns Facebook and Instagram, among other things.
Things are going badly for them. This year, the market value has been halved, and the share has gone down by 60%, says Alexander Norén.
During the day, the stock has continued to fall and is at close to minus 25% on Thursday evening.
The dismal result is partly due to the rapid inflation and a reduced advertising market, partly to founder Mark Zuckerberg’s billion investment in the virtual world metaverse, which so far has not gained air under its wings.
Because it hasn’t taken off yet, and there are more critics who question “do we really want to live in this world?” even investors begin to question whether he has bet correctly. Has he really put all his eggs in the right basket?
Source: svt
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