Meta has taken a gamble and so far it’s been a US$676 billion (NZ$1.1 trillion) mistake. In October last year, Facebook founder Mark Zuckerberg changed the social media platform’s name to Meta and introduced the metaverse. But now, a year later, the company is haemorrhaging money; Meta has shed an eye-watering US$676b ($1.1t) in market value this year. So far this year, Meta has spent US$9b ($15.3b) on Reality Labs, which is involved in creating the metaverse. That arm of the company spent US$10b ($17b) last year but they’ve already indicated there are more funds in the pipeline.

Source: New Zealand Herald October 28, 2022 06:55 UTC