(TheLibertyRevolution.com)- Mark Zuckerberg’s dream of reimagining the internet as we know and transforming Facebook into the virtual world of “Meta” seems to be facing some pretty strong headwinds as the value of his social media company continues to plummet.
Since August, the market value of Zuckerberg’s Facebook (AKA Meta) lost more than $500 billion, and about half of that disappeared in one day. Things have gotten so bad for Zuckerberg, the company, which was once the sixth-largest in the world by market capitalization, has fallen out of the top ten.
The ad-tracking system that transformed Facebook into a $1 trillion company is now being neutralized by Apple, which enables its users to block Facebook’s tracking system. There are reports that Google will also offer users the option to disable it as well.
What’s more, after revelations from Facebook whistleblowers and leaks revealed how harmful social media is to teens, Facebook’s user base began to shrink.
Now may not have been the time for Zuckerberg to decide to completely overhaul his company by reaching for the virtual stars in the metaverse.
What’s hitting Facebook (AKA Meta) hardest, however, is the blow to its ad-tracking.
According to the Wall Street Journal, the fallout from users having the capacity to disable Facebook’s code that tracks them across the internet has been so severe, advertisers are shifting their entire ad budgets away from Facebook to Google because Facebook is no longer profitable for them.
Fortunately for Zuckerberg, he is still a very wealthy man. The 37-year-old Cylon is worth around $74 billion, making him richer than Michael Bloomberg. Meanwhile, Meta (AKA Facebook), which still owns Instagram and WhatsApp, did earn a $39 billion profit last year.
But even Facebook’s own projections see the company’s profits shrinking over the foreseeable future as it pours even more money into the development of its virtual metaverse.
Zuckerberg hopes that his reimagined virtual internet gamble pays off and Meta’s fortunes turn around.
So far, however, that hasn’t happened. If investors had the confidence in Meta that Zuckerberg appears to have, why aren’t they putting their money into Meta? And why does the company’s value continue to slide?