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The Meta Project Is In Trouble

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The Meta Project Is In Trouble

(CTN News) – A day after releasing its earnings report for the third quarter, Meta is struggling. Shares of Facebook plunged by 25% Thursday after uninspiring numbers and a lack of faith in Mark Zuckerberg’s vision.

Meta is currently trading around $98, down from $130 on Wednesday. Other tech stocks face a similar situation.

A challenging economic climate and a war that has exacerbated geopolitical tensions have sent many tech valuations back to Earth, but fall – and the message it sends about the company’s future – is noteworthy.

Late last summer, stock price reached a high of around $380, almost a quarter of its all-time high.

The Meta stock hit a low Thursday it hadn’t seen since 2016 – well before Zuckerberg’s big pivot toward a virtual social platform to succeed Facebook.

Several high-profile doubts about Meta’s are also not helping. Oculus founder Palmer Luckey slammed Horizon Worlds as a “poor, unfun product” this week.

In the future, it could be incredible, he said. With the company’s aggressive forays into virtual social networks and VR hardware, Reality Labs has lost over $9 billion this year.

While the company might bounce back, it might also reap what it has sown for years. As a result of choking Instagram with ads at the expense of the user experience, managed to sour its billion dollar acquisition of Instagram.

Meta accidentally set the stage for the rise of TikTok, which people don’t hate despite its efforts to box out competition and maximize ad dollars.

With Instagram not looking so hot lately, Meta has quadruped down on the metaverse without even considering whether it knows what users want.

When a perfectly good word is ruined in the process of changing a company’s name, it is impossible to take it back.

Investors seem to be getting the message, or not. This year, the company lost longtime COO and adult-in-the-room Sheryl Sandberg – and Mark Zuckerberg is even more of the show than ever.

If a bet on Meta is a bet on Zon’s understanding social media trends are going and how to get there first, the once unstoppable advertising beast is shambling in the wrong direction.

What does the company Meta do?

Meta builds technologies that help people connect, find communities and grow businesses.

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