Mark Zuckerberg sees nearly £70billion wiped from the value of Facebook owner Meta

MARK Zuckerberg yesterday saw nearly £70billion wiped from the value of his media giant Meta.

The company, which owns Facebook, Instagram and WhatsApp, has been hit by a global ad slump.

Mark Zuckerberg saw the value of his media giant Meta wiped out by nearly £70billion

1

Mark Zuckerberg saw the value of his media giant Meta wiped out by nearly £70billionPhoto credit: Getty

Profits have fallen to £3.8 billion from £7.95 billion in the same period last year.

The news caused Meta shares to fall 20 percent yesterday — they’re down around 70 percent since the start of this year.

Founder Zuckerberg admitted the company faces “short-term challenges.”

He said: “I think those who are patient and invest in us will be rewarded in the end.”

Millions of Facebook users today need to check their account for very costly mistakes
Millions of Facebook users have warned about changes that could lock you out

Meta was focused on becoming more efficient, he added.

However, investors have criticized his decision to focus on the future promise of the digital avatar-filled world called Metaverse and artificial intelligence.

The Metaverse will not generate any income for years.

AJ Bell’s Laith Khalaf said it wasn’t palatable for the market to “babble about the metaverse when the social media business is struggling in the here and now.”

Most read in The Irish Sun

Meta said 2.93 billion people used its platforms daily over the past three months.

Man makes kid cry at Disney World by blocking her view, but people are on HIS side
I'm plus size and found the perfect pair of jeans at the grocery store, they're a steal

https://www.thesun.ie/tech/9638390/mark-zuckerberg-70billion-facebook-meta/ Mark Zuckerberg sees nearly £70billion wiped from the value of Facebook owner Meta

Fry Electronics Team

Fry Electronics.com is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@fry-electronics.com. The content will be deleted within 24 hours.

Related Articles

Back to top button