Meta's metaverse project would also make an interesting business case study for future VR entrepreneurs. Even if Meta fails in making meta verse popular all the research work that went into this could be reused by another company in the future to build wonderful VR products. They are putting their money back into the market. These people are spending billions of their dollars on creating brand new technology. Or worse they spend that money on lobbying the governments to undo environment protection laws, labor laws etc. They spend it on buying back shares or giving their executives fat bonuses or acquiring minor companies to eliminate competition. They keep pushing the same crappy product to their consumers every year tweaking a few minor things here and there and hiking the price by a couple of hundred dollars. Plenty of companies don't innovate at all. If you don't have faith in their mission why did you invest in their stock in the first place. People who held Tesla's stock were richly rewarded weren't they? If you are holding Meta stock, you need to have faith in their mission(I am not holding Meta stock BTW). Tesla was losing money left and right a couple of years ago. But aren't you glad that internet was invented? And yet we clocked in 100s of hours in these games didn't we. Tomb Raider in the early 00s looked like a potato that I pealed compared to the Tomb Raider today that looks like a potato that my mom peeled. In Mario you couldn't see the whole other side of his body or his world. In doom you couldn't even see your character since it was a FPS game.
Since people spent time and money building them, we have wonderful & aesthetic games today. Well have you played any 90s video games? Do you think the graphics in those games were marvelous? They were not.
Why are people even complaining that Facebook is spending billions of dollars on VR technology lol? Other Big Tech stocks sunk this week on the back of disappointing earnings reports, but Meta suffered the steepest decline.Meta said losses at the unit will climb “significantly” next year. The company’s metaverse-focused Reality Labs has lost $9.4 billion so far this year.Meta’s revenue dropped 4% in the latest quarter, as it struggled with rising competition from TikTok, a slowdown in ad spending and fallout from Apple’s ad-tracking changes.Facebook parent Meta has lost $677 billion in market value so far this year, pushing it out of the ranks of the world’s 20 biggest companies. The news caused CEO Mark Zuckerberg’s total wealth to drop $11 billion, according to Bloomberg, making him worth $38.1 billion, from $142 billion in September 2021. Meta stock plummeted more than 20% Thursday - dropping to its lowest level since 2016 - after the social-media giant reported a second quarterly drop in revenue, a weak growth outlook and rising costs at its money-losing metaverse division.
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