The shares of the social media giant Meta (owner of Facebook, Instagram and WhatsApp) plummeted more than 20% on the New York Stock Exchange this Wednesday after presenting financial results that sowed panic among investors.
The drop can be explained by two reasons. On the one hand, Facebook has seen its daily active users fall for the first time compared to the previous quarter, going from 1,930 to 1,929 million. Another reason is Zuckerberg’s large investment in the construction of the ambitious metaverse project.
For the time being, however, the metaverse exists only as an idea, and it’s unclear whether it will function as Zuckerber sees it , as an extension of anyone’s day-to-day life, or simply be a playground for a redoubt of gamers and technology lovers.