Meta's share price is on course for the worst day in its history after the tech giant gave a grim update on its performance in the fourth quarter of 2021 — and revealed eye-watering losses in its metaverse division 😱
$200 billion
from its value in the process. To put this into context, that's one of the biggest single-day drops in a company's market cap ever recorded. While it could be argued that Zuckerberg's push into the metaverse is indicative of a tech giant that is refusing to sit still — and continually innovating to remain relevant and achieve consistent growth — the prospect of virtual worlds punching through into the mainstream and becoming a part of our everyday lives has been met with skepticism.
It may take Meta several years, and countless billions more dollars, to fully build its metaverse offering — and shareholders may lose patience if this continues to drag on the company's profitability. Zuckerberg is also facing stiff competition from a number of other metaverse offerings, including blockchain-based platforms such as Decentraland and The Sandbox.A few days ago, it was confirmed that the Diem digital currency is being abandoned for good.
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