Investors Punish Zuckerberg as Costly Metaverse Pitch Falls FlatWall Street is losing patience over Meta boss Mark Zuckerberg’s enormous and experimental bets on his metaverse project that helped drive up the company’s overall costs by a fifth in the third quarter.
Investors rushed to dump Meta Platforms Inc.’s stock after hours, pushing it down 20 percent and wiping $67 billion off its market value after the company posted its fourth straight decline in quarterly profit.
The Facebook-parent said its overall expenses could rise as much as 16 percent next year and anticipates that operating losses at Reality Labs—the unit responsible for bringing the metaverse to life—”will grow significantly” next year....
Source: Investors Punish Zuckerberg as Costly Metaverse Pitch Falls Flat (https://www.theepochtimes.com/investors-punish-zuckerberg-as-costly-metaverse-pitch-falls-flat_4824692.html)
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