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.
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.”
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.”
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Meta said 2.93 billion people used its platforms daily over the past three months.
https://www.thesun.ie/tech/9638390/mark-zuckerberg-70billion-facebook-meta/ Mark Zuckerberg sees nearly £70billion wiped from the value of Facebook owner Meta