[eMarketer] Meta’s losses show the metaverse’s costly risk
Meta and CEO Mark Zuckerberg are having a rough year.
The tech giant’s market value dropped 57% this year compared with Apple’s 14% dip, Amazon’s 26%, and Alphabet’s 29%, per Yahoo.
With most of Zuckerberg’s wealth tied to Meta, the billionaire has lost at least half of his fortune, erasing $71 billion from his net worth this year, per Bloomberg.
Meta is also facing regulatory battles. The company received a blow in its appeal of a German antitrust ruling and is now subject to EU General Data Protection Regulation (GDPR) investigations as part of the antitrust challenge.
In the US, a group of states led by New York is pushing an appeals court to reinstate an antitrust lawsuit against Meta’s Facebook, citing ongoing harm from the company’s actions.
eMarketer argues that several factors have driven Meta to the new low. However, the decline appears to have directly followed the tech giant’s rebranding from Facebook to Meta last fall.