Meta selloff erases quarter of company's value after metaverse losses top $9 billion
Facebook owner Meta’s shares sank by 25% amid a wide selloff that suggests investors are none too pleased with CEO Mark Zuckerberg’s metaverse strategy. The share drop brought Meta’s total market capitalization below $265 billion. It exceeded $1 trillion last year.
Shares fell dramatically on the heels of Meta reporting that Reality Labs, its metaverse division, lost $3.7 billion during the third quarter. The division’s year-to-date losses total $9.4 billion, the company reported on Wednesday. Zuckerberg says his company’s metaverse strategy also includes augmented reality and neural interface technologies, but these are still in phases of research and development.
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