That's burning with a 'B' as in the BILLIONS of dollars Matrix "metaverse" for a jolly good time.
So how many billions did Reality Labs burn, you ask? Well………….. $13.72. That's how much.
For context, $13.72 billion in losses is a little over 10% of the revenue Meta generated during the entirety of 2022. But that's not good enough of a scale, so here's a better example: $13.72 billion is nearly 20% of Zuck's
So basically, Zuck burned through one-fifth of his net worth in a single year on a failed vanity project with little to no results. Worse still, Meta is adamant that it will continue investing in the metaverse because it sees "dystopia heaven to life) will continue to post losses, even exceeding those booked in 2022. If this keeps up, Zuck could end up losing all his net worth in five years or less.
It's not all bad for Meta, though. The company seemed to have reversed a downward trend in its stock price following the release of its quarterly and full-year results last week, thanks to a surprise announcement of a $40 billion share buyback. Maybe now that Meta doesn't have to pay some
Analysts also
Meta ranked #71 in this week's
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Tech Titans Say They're Making Billions But Wall Street Says It Ain't Impressed 📉
Alphabet,
Apple booked nearly $30 billion in fourth-quarter 2022 profit, but all anyone could talk about was the
Alphabet, the owner of
In Amazon's case, the conversation had a lot to do with the
Google ranked #5 this week. Apple was trending in the #35 spot, while Amazon was ranked at #58.
Tech Layoffs Continue Unabated, Now Reaching Dell 💻
The layoffs have nothing to do with the Austin, Texas-based company's
Dell's decision will impact 6,650 jobs, similar to the 6,000 job cuts its rival
In Other News.. 📰
- The Grammy for the Best Score Soundtrack for Video Games goes to..
Assassin's Creed Vallalalalal 😂 - You can now get a discounted version of Apple's iPhone 14 Pro..
if you're in China . - YouTuber Logan Paul is facing a
class-action lawsuit in Austin, Texas, for allegedlydefrauding investors with his NFT game CryptoZoo. Samsung isdoubling down on plans to expand production and R&D in India.- AMD had a
good quarter .
And that's a wrap! Don't forget to share this newsletter with your family and friends! See y'all next week. PEACE! ☮️
— Sheharyar Khan, Editor, Business Tech @ HackerNoon