The failure of the metaverse has already cost Mark Zuckerberg more than half of his estate

Meta, the parent company of Facebook, faces pessimism from investors and shares plunge.

The founder of Facebook, mark zuckerbergsaw how his net worth was reduced by more than 100 billion dollars this year, according to the Billionaire Index of Bloomberg.

The equity drop occurred because Meta, the parent company of Facebook, faces the investor pessimism about its future growth trajectory.

The 38-year-old businessman is now worth approximately $36 billion. By comparison, this Thursday, Tesla CEO Elon Musk was worth 211 billion dollars; the founder of Amazon, Jeff Bezosworth $139 billionand the co-founder of Microsoft, Bill Gates, $110 billionaccording to data from Bloomberg.

Meta’s shares fell as much as 22% in trading on Thursday, making the company worth approximately $271 billion.

(Photo: AFP)


(Photo: AFP)

Zuckerberg owns almost 367 million shares Meta, according to the Whale Wisdom data website.

Meta reported earnings Wednesday night that did not meet analysts’ expectationswith several on Wall Street predicting further declines.

The company faces increasing competition from other social media platforms like TikTok, as well as the skepticism about his investment in the metaversea virtual world environment that Zuckerberg has said represents the future of the internet, but has yet to seduce even his own employees.

The failure of the metaverse

Mark Zuckerberg's avatar in the metaverse, the target of ridicule and ridicule on the networks.  (Photo: Goal)


Mark Zuckerberg’s avatar in the metaverse, the target of ridicule and ridicule on the networks. (Photo: Goal)

In addition to the fall in advertising investment, Meta is experiencing a moment of great internal and market confusionafter the announcement with great fanfare last year by Zuckerberg that he wants to make the company the spearhead of his metaverse project.

A year after the announcement, hardly any steps have been taken to advance in this parallel digital universe, the few that have been taken have been ridiculed on social media and the project is still a long way from achieving a significant social impact.

Horizon Worldsthe virtual reality platform where “Zuck’s” ideas for the metaverse are developed, is not meeting internal performance expectations.

Access to the Horizon Worlds platform requires a VR headset.


Access to the Horizon Worlds platform requires a VR headset.

Most users did not return to Horizon Worlds virtual spaces after the first month on the platform. Among other reasons may be the few things to do in the metaverse or the lack of company. In this sense, only 9% of the created worlds are visited by at least 50 people, and most are never visited.

“The truth is, if we don’t love it, how can we expect our users to love it?” he wrote. Vishhal Shah, vice president of the Meta metaverse, in an internal memo sent out last month. Therefore, and in view of the results with users, it follows that the virtual world of Meta is leaving all parties unsatisfied: company and customers.

One of the factors that is killing the metaverse is that it is necessary to use virtual reality glasses, a device that few people have and that they should buy if they want to be part of the metaverse. Knowing that nobody is in these virtual worlds, maybe it’s not worth it. In addition, internal reports made available to the Journal also indicate that half of the goal questwhich are used to dive into Horizon Worlds, are discontinued after six months.

Even Zuckerberg had to come out to clarify what his final avatar would be, after many made fun of a first image he had shown.

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