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Reading: Meta’s Stock Price Drop Is Slowing Down Zuckerberg’s Plans To Take Over The Metaverse
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B&T > Media > Meta’s Stock Price Drop Is Slowing Down Zuckerberg’s Plans To Take Over The Metaverse
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Meta’s Stock Price Drop Is Slowing Down Zuckerberg’s Plans To Take Over The Metaverse

Staff Writers
Published on: 28th April 2022 at 11:39 AM
Staff Writers
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Although the Meta founder and CEO Mark Zuckerberg has high ambitions for the company’s future in the Metaverse, its financial status may be forcing him to stall them for the time being.

According to Zuckerberg himself, Meta plans to “slow the pace” of some of its investments due to its “current business growth levels.” He made this statement during a quarterly financial report last Wednesday, during which he pointed out that while the company’s net profits were over $10.5 billion, they were still over 20 percent lower than what they were this time last year.

Although Meta is still in a healthy financial state, its revenues have been heavily impacted by many people leaving its platforms. TikTok has become a strong competitor for user’s time and attention, while Apple’s change in advertising policies have cost the company over $14 billion in revenue.

“Meta’s ad business continues to face some very real challenges,” said Jasmine Enberg, a principal analyst at Insider Intelligence. “Facebook, of course, is no stranger to obstacles, but the iOS changes are the first direct threat to its ad business. Combined with the rise of TikTok, brand safety concerns, and a shift in social media user behaviour, there’s a perfect storm heading straight for Meta’s ad revenues.”

These recent development have seen the Meta stock price drop by over 50 percent, with investors now revealing their scepticism on Zuckerberg’s costly Metaverse expansion project.

Which is not to say that it isn’t going to happen at all, just not when we (or even the Facebook figurehead himself) may have originally thought it would. Meta still continues to spend billions on this project, with its Reality Labs division already in the midst of creating new devices (such as the Oculus Quest 2) and platforms (like Horizon) which will compete with popular existing ones like Roblox or Decentraland.

Zuckerberg has already expressed his opinion that soon the Metaverse and virtual reality devices will become as popular and commonly used as smartphones.

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TAGGED: Facebook, Mark Zuckerberg, Meta, metaverse
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Staff Writers
By Staff Writers
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Staff Writers represent B&T's team of award-winning reporters. Here, you'll find articles crafted with industry experience spanning over 50 years. Our team of specialists brings together a wealth of knowledge and a commitment to delivering insightful, topical, and breaking news. With a deep understanding of advertising and media, our Staff Writers are dedicated to providing industry-leading analysis and reporting, both shaping the conversation and setting the benchmark for excellence.

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