Meta’s shares fell 22.6% to $249.90 in after-hours trading. If the drop holds until the market opens Thursday, the company’s overall value is on track to drop by nearly $200 billion.
last fall to signal CEO Mark Zuckerberg’s ambition to become what he called a “metaverse company.” Since then, the company has been shifting resources and hiring engineers — including from competitors like Apple and Google — who can help realize his vision.
Zuckerberg is betting that the metaverse will be the next generation of the internet because he thinks it’s going to be a big part of the digital economy. He expects people to start seeing Meta as a “metaverse company” in the coming years, rather than a social media company. This could be spooking investors, who tend to prefer immediate, or at least quick, results on investments.
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