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How Mark Zuckerberg pumped $36 BILLION into his failing Metaverse - and lost $30 billion of it:
DAILYMAIL.COM ^ | 29 October 2022 | ALEX HAMMER

Posted on 10/30/2022 3:26:58 AM PDT by dennisw

Facebook boss has lost $88bn of his $125bn fortune since 2021 Meta has pumped more than $36 billion into its Metaverse venture since 2019,

The effort has since resulted in a $30.7 billion operating loss over that same span Zuckerberg, 38, who famously founded the company's crowning jewel Facebook as an undergrad at Harvard in 2004, was worth $125 billion at the close of 2021 As of this weekend, he was worth a mere $37 billion, Bloomberg reported

Mark Zuckerberg has funneled more than $36 billion into his failing Metaverse venture since 2019, new earnings reports show - and the CEO has subsequently seen more than $30 billion of those funds evaporate in a matter of months.

The troubling statistics come on the heels of a disappointing earnings report from the social media giant, which has seen its number of users wane in recent years.

Zuckerberg, meanwhile - whose wealth is largely tied up in his company's valuation - has suffered under the waning profits, losing $88 billion of his net worth since 2021 when his fortune stood at a still respectable $126 billion.

As of this weekend, the 38-year-old CEO - who famously founded the company's crown jewel, Facebook, as an undergrad at Harvard in 2004 - was worth a mere $38 billion.

The quarter's weak results raised fresh questions about the New York-born billionaire's rapid investing in his virtual reality project, which has been mocked for its never-ending empty rooms and failure to attract users.

Financial statements show that the exec has largely bet his company's future on the flailing technology, sinking tens of billions of company funds in hopes it would spur interest from users who have been drawn to other platforms such as TikTok.

(Excerpt) Read more at dailymail.co.uk ...


TOPICS: Business/Economy; Computers/Internet; Education; Health/Medicine
KEYWORDS: elonmusk; facebook; markzuckerberg; meta; metaverse; musk; truthsocial; twitter
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1 posted on 10/30/2022 3:26:58 AM PDT by dennisw
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To: dennisw

Never had a facebook account...never will.


2 posted on 10/30/2022 3:27:38 AM PDT by joma89 (Buy weapons and ammo, folks, and have the will to use them.)
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To: joma89

Ditto.


3 posted on 10/30/2022 3:28:14 AM PDT by EvilCapitalist (81 million votes my ass.)
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To: dennisw

I read complaints, such as the metaverse is depopulated. You go into a meta restaurant And there will be one table with 4 customers.


4 posted on 10/30/2022 3:29:38 AM PDT by dennisw (Never attribute to stupidity, what can be attributed to malice)
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To: dennisw

I don’t even know what a metaverse, other than it’s some kind of live Sim universe, where we interact as if it’s real life.

I like you guys and all, but there is a reason why I haven’t visited any of you.


5 posted on 10/30/2022 3:36:23 AM PDT by Jonty30 (Some men want to see the world burn. It is they that want you to buy an electric car.)
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To: dennisw

HaHaHa... Could not happen to a more deserving person. While still filthy rich he has to live with the failure of his pet project.


6 posted on 10/30/2022 3:38:33 AM PDT by Anti-Bubba182
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To: dennisw

I have seen those remarks. Some also complain that the figures seen have only half a body. The floating heads with torsos have no body from the waist down. I don’t know if that’s true or not. I find it hard to believe any adult would think that was a good idea.


7 posted on 10/30/2022 3:39:21 AM PDT by lee martell
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To: dennisw
...$30 billion of those funds evaporate in a matter of months.

Ukraine's got it?

8 posted on 10/30/2022 3:44:23 AM PDT by Libloather (Why do climate change hoax deniers live in mansions on the beach?)
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To: Anti-Bubba182

He spent $ 451 million to defeat Trump. I hope he loses the rest of it and has to live in a homeless shelter (of course in NYC, this would be in a luxury hotel).


9 posted on 10/30/2022 3:45:33 AM PDT by laconic
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To: lee martell

_______I have seen those remarks. Some also complain that the figures seen have only half a body. The floating heads with torsos have no body from the waist down. I don’t know if that’s true or not. I find it hard to believe any adult would think that was a good idea._________

In contrast to the best selling computer games, that are competently executed. These games are a small metaverse, but are pulled off right. Or they will not sell.

BTW Instagram makes money for Zuck/Meta/Facebook whatever they call themselves these days


10 posted on 10/30/2022 3:48:32 AM PDT by dennisw (Never attribute to stupidity, what can be attributed to malice)
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To: dennisw

So are you saying no, its not true about Meta only showing half bodies?
I’ve not been on it, and have no present interest in checking it out.


11 posted on 10/30/2022 3:55:59 AM PDT by lee martell
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To: dennisw

Hahaha...

😁


12 posted on 10/30/2022 3:58:14 AM PDT by tired&retired (Blessings )
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To: laconic

It has to bother him that his plan is not working. He won’t end up in a shelter, but he can’t be happy.


13 posted on 10/30/2022 3:59:10 AM PDT by Anti-Bubba182
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To: AdmSmith; AnonymousConservative; Arthur Wildfire! March; Berosus; Bockscar; BraveMan; cardinal4; ...
Facecrook ping.

14 posted on 10/30/2022 4:05:29 AM PDT by SunkenCiv (Imagine an imaginary menagerie manager imagining managing an imaginary menagerie.)
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To: laconic

No, I want Zuck boy not just broke, but in prison for stealing the 2020 election, and reduced to servicing nasty dudes in return for protection and treats from the commissary.


15 posted on 10/30/2022 4:35:53 AM PDT by Rockingham
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To: dennisw

The one thing that we have on the left is their hubris. It will be their undoing I hope.


16 posted on 10/30/2022 4:55:30 AM PDT by McCarthysGhost (q)
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To: dennisw

Some people become fantastically rich from skill and hard work. Others are simply lucky. It’s unlikely Zuckerberg will be lucky twice.


17 posted on 10/30/2022 5:00:37 AM PDT by norwaypinesavage (Capitalism is what happens when you leave people alone.)
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To: Rockingham

In a perfect world, Zuckerberg’s lasting legacy would be a display in the Famous Hoodies Museum between the Trayvon Martin and John Fetterman exhibits.


18 posted on 10/30/2022 5:03:49 AM PDT by Joe 6-pack
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To: dennisw
Zuckerberg, 38, who famously founded the company's crowning jewel Facebook as an undergrad at Harvard in 2004,

Zuckerberg, 38, who famously STOLE the company's crowning jewel Facebook as an undergrad at Harvard in 2004,

19 posted on 10/30/2022 5:18:55 AM PDT by TheCipher ( RINO politicians in DC are the only reptiles in the world with no backbone)
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To: dennisw

The Metaverse sounds like a rehash of Second Life. Walk around in a virtual body, go to virtual places, see other virtual people, grow virtue vegetables in a virtual garden... Or you could get up out of your chair and go outside.


20 posted on 10/30/2022 5:20:40 AM PDT by Flick Lives (Cui bono)
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