Facebook's change to metaverse has eaten into the social media biggest benefits

Here I am going to describe a news that is trending here.This is an important point about Facebook. Facebook's stock market has plummeted. The big news about it is that it is trending on google right now. Mark Zuckerberg blames Facebook for this loss.Mark Zuckerberg is one of the founders of Facebook. It's only because of Zuckerberg's efforts that Facebook is spreading around the world. If you look at the list of the top 5 richest companies in the world, Facebook is already at the top of the list. A few months ago, Facebook changed the name of their  parent company to Meta. Instagram and whatsapp are Facebook's affiliates. All of these are very popular.The market value of all these is more than Rs 1 lakh crore.

 Now let's get to the topic, according to the latest news, Mark Zuckerberg's first report on how his new ventures, as well as his in-depth transition to the internet, are affecting his company's financial status. Those who understood these reports did not like it so much and could not contain these things.

Realty Labs lost $ 3.3 billion in the last quarter,

according to Facebook's meta company Meta.

Now your doubt will be what reality labs are. In short, Reality Labs is a division that designs and builds virtual reality devices such as Quest using the latest technology. This is used in the metaverse.The company had revenue of $ 10.3 billion for the quarter, but that is lower than last year. Mark Zuckerberg has announced plans to focus more on metaverse, a digital world that includes the world of avatars and augmented reality, thereby increasing their market value.Others say Mark Zuckerberg was the best decision but in my opinion it seems not to have been the best decision. Because their market had plummeted in a big positive way.

As you all know, the stock market value of around Rs 50,0000 crore fell last time when all the services like WhatsApp, Instagram and Facebook were disrupted. So many provisions have happened. But Mark Zuckerberg was able to overcome these losses quickly.Facebook's revenue has been declining in the first quarter since the plan was announced. However, looking ahead, Zuckerberg is known to be investing heavily in the sector.Mark Zuckerberg has adapted his style to modern times. So of course we have to agree. Facebook is also moving with the innovations of the new age and many changes are being made in their various apps, i.e. social media platforms.The United States is one of the largest shareholders in Facebook. Facebook has the largest shareholding in the United States, losing $ 3.3 million, according to the report.

Facebook has abandoned many of their existing plans. Because they had to spend a lot of money on these projects. It was not profitable, so Facebook stopped running such loss-making programs and came up with new plans. But reports from People say that's just what's happening.

Conclusion

However, Mark Zuckerberg's announcement of further plans caused Facebook to fall in the stock market.

Written by: Viswa

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