Tap to Read ➤
The Real Reason Why Meta Cut 11,000 Jobs
Meta recently let go of 13% of its workforce globally. The company's first ever layoffs come after it wasted billions on its Metaverse gambit. Here's the Meta disaster in numbers.
Meta spent more than $15 billion building the metaverse since 2021. This includes the whopping $36 billion investment in the metaverse since 2019.
To put this into perspective, Apple spent just $3.4 billion developing the original iPhone between 2002 and 2007.
Not surprisingly, the Meta division (comprising metaverse and VR businesses) suffered $30.7 billion operating loss so far.
Meanwhile, Meta CEO Mark Zuckerberg says the metaverse requires $10 billion investment each year.
He expects the investment to take at least a decade to bear fruit. Zuckerberg's metaverse gambit will consume $100 billion before it even begins pays off.
What does Meta have to show for those billions? Mediocre 90s graphics, avatars without legs, and empty virtual worlds.
Meta's pet project Horizon Worlds hasn't even reached 200k monthly users, which is less than half of the expected 500k monthly users.
Most Horizon Worlds users don't even return to the app after the first month.
Only 9% of worlds built by creators are ever visited by at least 50 people. Most are never visited at all.
Meta stock lost 80 percent of its value compared to last year. Investors are angry at Zuckerberg for the wild spending spree. Meanwhile, faith in Meta dwindles.