Facebook owner with problems. Huge drops in the stock market, little interest in the VR platform and layoffs
Meta, the owner of the Facebook social platform, has lost about 71% of its valuation on the stock exchange since January 2022. Of course, this has an impact on the activities of Mark Zuckerberg’s corporation.
The Wall Street Journal reports that as early as this week the Meta will begin a large-scale layoff process. The job cuts are expected to be the largest in the history of the Facebook company and will affect thousands of employees. ABOUTCurrently, Meta Platforms employs over 87,000 people.
The meta lost on the New York Stock Exchange approx. 71% of the value since the beginning of this year. Analysts are looking for the causes of this collapse and point out that the formula of Facebook as a social platform is no longer as attractive as it used to be – especially for young people (Facebook is to lose in the clash with newer players in this field, such as TikTok).
A lot of criticism also comes from Zuckerberg, who stubbornly invests in Reality Labs, offering Horizon Worlds (formerly known as Facebook Horizon), a platform that is to become the corporate intention, a place to meet, play and work in virtual reality. Reality Labs’ efforts have already cost Meta about $ 15 billion since the end of 2021 and are not yet bringing very effective results. The Wall Street Journal reported in mid Octoberthat Horizon Worlds has, according to the company’s internal documents, less than 200,000 users, who log into this VR space every month. Mark Zuckerberg hoped that by the end of 2022 he would obtain results at the level of 500,000 users. Another information is that customers quickly get bored with the Oculus Quest headsets they bought – the equipment is supposed to collect dust on average after 4-6 months after purchase.
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