Mark Zuckerberg’s Metaverse lost $35 billion in four years: Report
A new report has revealed that the losses incurred by Metaverse tripled between 2019 and 2022 with a record $35 billion loss in four years.
The Trading Platform report showed Mark Zuckerberg’s Reality Labs business suffered a staggering loss at a time investors were still clamouring for project budget cuts
It detailed the millions of dollars that Metaverse is costing Mr Zuckerberg’s main business, Meta.
“While Mark Zuckerberg may believe that the future of his company lies in the metaverse, the truth is project is costing Meta and its shareholders billions of dollars,” the report read.
The report further predicted that the business would suffer additional losses in 2023.
The report states that the company’s operation loss, which was $4.5 billion in 2019 increased by 46 per cent to $6.6 billion in 2020.
The last quarter of 2022 saw an operating loss of $4.3 billion for the Reality Labs business, bringing the total loss for the year to $13.7 billion, 34 per cent higher than the loss reported the year before.
The report explained that Mr Zuckerberg expects the metaverse project to grow its company’s operating income in the long run.
With more than $750 billion being wiped off the value of its stock in 2022, Meta had the largest market cap decline of the top five tech giants.
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