Mark Zuckenberg defends his metaverse dream, but Wall Street is fed up

Mark Zuckerberg accepts the fact that his vision of the metaverse appears to be disintegrating. In reality, the metaverse's development company, Meta's Reality Labs, lost 9.4 billion dollars in just nine months. The markets' dismal response to the release of the quarterly accounts suggests that Wall Street has had enough of the situation. The stock lost $65 billion in market value, dropping 18% on Wednesday, October 26 after-hours trading on Wall Street. However, Zuckerberg is unwilling to give up: "We are moving in the right direction, in my opinion.

Even though we currently have revenue issues, the fundamentals indicate that rapid growth will soon resume in our community. With revenues of $ 27.72 billion, Zuckerberg's company's net profit more than half to $ 4.4 billion from the same period last year.

As increasing interest rates weigh on economic growth and demand for internet advertising, analysts explained, "We expect that in the immediate term, Meta's top line will continue under pressure."

Mark Zuckenberg argues for his vision of the metaverse, but Wall Street is furious up.

Additional factors include TikTok's fierce competition, Apple's privacy rules that restrict firms' ability to tailor their advertising, and worries about the enormous investments required for the Metaverse.