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Meta-Reverse: Zuck Loses $71 Billion as Metaverse Struggles Continue
The company has wiped out nearly all of its pandemic gains
Less than two years ago, Mark Zuckerberg stood amongst an elite group of ultra-wealthy individuals, with only Jeff Bezos and Bill Gates in front of him in the queue. His wealth — well, not paper wealth of course — had ballooned to $142 billion. At that point, in September 2021, Facebook’s shares had hit a high of $382.
What comes next is either the start of something truly innovative or the beginning of an epic rise and fall story.
In an attempt to start afresh (and run from the many PR disasters engulfing Facebook), he announced that the company was to rebrand to Meta. Alongside the shiny new logo was a pivot into uncharted territory — the Metaverse — which he heralded as “the next chapter for the way that the internet evolves after the mobile internet.” Or in other words, Zuckerberg feared the end was in distant sight for Facebook, and rather than wait to go down with the ship, it was time to jump ship to a bigger, better, cooler vessel — one that he would be first to build. Then we saw his vision (read: dystopian nightmare) in a highly-polished demo that featured everything from Zuckerberg roaming around a luxury home to interacting with aliens and friends on a spaceship. Sure…
