Mark Zuckerberg has funneled more than $36 billion into his failing Metaverse venture since 2019, new earnings reports show - and the CEO has subsequently seen more than $30 billion of those funds evaporate in a matter of months.
Zuckerberg, meanwhile - whose wealth is largely tied up in his company's valuation - has suffered under the waning profits, losing $88 billion of his net worth since 2021 when his fortune stood at a still respectable $126 billion.
According to the damning financial statements, Reality Labs reported $5.3 billion in revenue for the year after a cumulative operating loss of $30.7 billion since funding for the Metaverse began in earnest in 2019.
The company's third-quarter earnings report Wednesday further showed that Reality Labs had accumulated an operating loss of $9.4 billion over the first nine months of 2022 alone - with top executives expecting the losses to mount even more as the project shows no signs of slowing despite being met with little to no success.
Costs and expenses for the Reality Labs faction of the company, the statements reveal, amounted to $12.5 billion for the year 2021 - with the division only raking in $2.3 billion in revenue within that same span.
In a recent interview, Mark Zuckerberg said that over the next five years, he wants people to think of Facebook not as a social media company, but a 'metaverse' company.
'And my hope, if we do this well, I think over the next five years or so, in this next chapter of our company, I think we will effectively transition from people seeing us as primarily being a social media company to being a metaverse company,' Zuckerberg said in the interview with The Verge.
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