The failure of the metaverse has already cost Mark Zuckerberg more than half of his fortune

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The founder of Facebook, Marco Zuckerbergseen as his shareholders’ equity was reduced by more than 100 billion dollars this year, according to the Billionaire Index of Bloomberg.

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The decline in equity occurred because Meta, the parent company of Facebook, faces the investor pessimism on its future growth trajectory.

The 38-year-old businessman is now worth approx 36 billion dollars. In comparison, Tesla CEO Elon Musk was worth it this Thursday 211 billion dollars; the founder of Amazon, Jeff Bezosworth 139 billion dollarsand the co-founder of Microsoft, Bill Gates, 110 billion dollarsaccording to the data of Bloomberg.

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Shares of Meta fell as much as 22% in trading on Thursday, making the company worth around $ 271 billion.

Zuckerberg almost owns 367 million shares Meta, according to the Whale Wisdom data website.

Meta reported earnings on Wednesday night did not meet analysts’ expectationswith many on Wall Street expecting further reductions.

The company faces increasing competition from other social media platforms such as TikTok as well as the skepticism about his investment in the metaversea virtual world environment that, according to Zuckerberg, represents the future of the Internet, but has yet to seduce even its own employees.

The failure of the metaverse

In addition to the decline in advertising investments, Meta is experiencing a moment of great internal and market confusionafter the announcement with great fanfare last year by Zuckerberg that he wants to make the company the spearhead of his metaverse project.

A year after the announcement, almost no steps have been taken to advance in this parallel digital universe, the few that have been taken have been ridiculed on social media and the project is still far from achieving a significant social impact.

Worlds of the horizonthe virtual reality platform where “Zuck” ideas for the metaverse are developed does not meet internal performance expectations.

Most users have not returned to Horizon Worlds virtual spaces after the first month on the platform. Other reasons may include few things to do in the metaverse or the lack of company. In this sense, only 9% of created worlds are visited by at least 50 people, and most are never visited.

“The truth is, if we don’t love it, how can we expect our users to love it?” He wrote. Vishhal Shah, vice president of the Meta metaverse, in an internal note sent last month. Therefore, and given the results with users, it follows that the virtual world of Meta is leaving all parties unsatisfied: company and customers.

One of the factors that is killing the metaverse is that it is necessary to use virtual reality glasses, a device that few people have and that they should buy if they want to be part of the metaverse. Knowing that no one is in these virtual worlds, maybe it’s not worth it. Furthermore, the internal reports made available to the Journal also indicate that half of the goal searchwhich are used to dive into Horizon Worlds, are discontinued after six months.

Zuckerberg also had to come out to clarify what his final avatar would be, after many teased a first image he showed.

SL

Source: Clarin

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