Once known to everyone as Facebook, Meta is no longer among the top ten most valuable global companies.
As of Thursday’s market close, the social media giant was worth around $565 billion. As of September 2021, Meta was a trillion-dollar company and ranked the sixth most valuable company in the world. According to Bloomberg, Meta is currently ranked 11th.
Renaming Facebook Meta with the goal of building the Metaverse, a kind of digital utopia, was a seemingly ill-fated venture for the company. Meta’s latest quarterly report showed that Facebook saw its average daily user base decline for the first time in the platform’s history.
Meta has spent a lot of money marketing the Metaverse, including a pretty terrible Super Bowl commercial. Meta’s social VR platform Horizon reaches 300,000 users. This means that 0.01% of all Facebook users are now part of the VR metaverse, which seems like a reincarnation of Second Life.
I’ve said it before: virtual life is here to stay, but it will take place in the form of chat apps, video meetings, digital conferences and group games via Zoom, not in a VR hellscape. Currently, Facebook’s, sorry, Meta’s idea of the metaverse sounds just as fun to me as Trump’s new social network. Those who trade the stonks on the Stonk Market seem to agree.
A small town girl living in a robot world. But these robots only exist online and look nothing like Gabriel Luna. I cover topics related to AI and cybersecurity, topics that are increasingly converging.
