Facebook loses 73% of market value................

[harddriver]

https://www.cbsnews.com/news/meta-stock ... ost-value/

Facebook parent Meta Platforms is making a huge investment in virtual reality, but its actual reality is looking like a real disaster.

Meta shares tumbled 24% on Thursday to its lowest level in nearly four years following an earnings report that one Wall Street analyst described as a "train wreck." It's a far cry from the company's position nearly a year ago, when CEO Mark Zuckerberg on October 28, 2021, announced with great fanfare that Facebook was changing its name to Meta Platforms to emphasize its focus on the "metaverse."

Last fall, Facebook was still riding high: Its market value reached a peak of more than $1 trillion in September 2021. Revenue and profits were surging as advertisers flocked to Facebook and Instagram to reach their billions of users.

To be sure, practically the entire tech industry has taken a beating this year, but Meta's stock plunge has far outpaced the overall sector, with its shares down 67% from a year earlier compared with the tech-heavy Nasdaq's 31% slide over the same period. Meta's plunge translates into an eye-popping loss of about $700 billion in market value.

On Thursday, Meta's market value sank to $268 billion, down from more than $1 trillion in September of 2021. The shares regained some ground on Friday morning, rising $1.72, or about 1.8%, to $99.66 per share.

The company's travails raise questions about its all-in bet on the metaverse, as well as whether the social media company could suffer the fate of other major businesses whose gambles on the future failed to pay off. In the near-term, Meta's core Facebook business is facing challenges as the economy slows and advertisers trim spending.

"Meta's results last night was an absolute train wreck that speaks to pervasive digital advertising doldrums ahead for Zuckerberg & Co. as they make the risky and head scratching bet on the metaverse," Wedbush analyst Dan Ives said in a report.

The hit to Meta has also whittled down Zuckerberg's personal fortune, since most of his wealth stems from his 13% stake in the social media company. He is worth $37.7 billion as of October 27, according to Bloomberg Billionaires Index, having lost almost $88 billion in wealth during the past 12 months.

[Watson503]

It's hilarious watching Zuck the Cuck lose so much behind this - no one in tech likes this and it is going to fail miserably

Silicon Valley tech CEOs are not big fans of metaverses

During a Wall Street Journal event, Microsoft gaming chief Phil Spencer and Snap CEO Evan Spiegel revealed that they are not big fans of the metaverse in its current form.

Spencer called the metaverse’s current iteration a “poorly built video game,” referring to the ecosystem’s bad graphics and low-quality interfaces.

The Microsoft gaming chief noted that the gaming world still has an advantage over the metaverse in creating different engaging virtual worlds. At the same time, he compared most of the current metaverse projects to virtual reality room meetings and explained:

“Video game creators have an amazing ability to build compelling worlds that we want to go spend time in. [...] For me, building a metaverse that looks like a meeting room... I just find that’s not where I want to spend most of my time.”

https://cointelegraph.com/news/silicon- ... -metaverse

[RockyStar]

I hope all of it burns to the ground in Epic Failure.