Mark Zuckerberg's social media empire is collapsing
- Zuckerberg's net worth dropped by more than $11 billion to $38.1 billion after Meta shares crashed 24.5% after the company's third-quarter earnings report.
- Meta's big bet on the metaverse costs a lot of money to convince the world, and even more cash burn
Reality Labs operating losses in 2023 will grow significantly year-over-year
- We expect to pace Reality Labs investments such that we can achieve our goal of growing overall company operating income in the long run
Bottom Line
- Though Zuck called the metaverse "fundamentally important to the future," investors aren't looking out a decade from now but only quarters.
- With a $38 billion net worth, he's now the 23rd richest person in the world
- Jeff Bezos, meanwhile, is down about $900 billion from the highs, and gave his wife around $40 billion
https://www.zerohedge.com/markets/100-billion-zuck-bucks-eviscerated-meta-bet-bombs
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