![]() (This year, Meta is set to invest US$15 billion in the metaverse. Gerstner also urged Meta to limit its investments in the metaverse, through Reality Labs, to no more than US$5 billion per year. It is investing more in capex than Apple, Tesla, Twitter, Snap and Uber combined. Excluding its metaverse investment, Meta has gone from US$15 billion in annual capex in 2020, to US$30 billion in 2022. If the drop holds until the market opens Thursday, the company’s market capitalization its overall value is on track to drop. Facebook CEO Mark Zuckerberg told his employees to focus on video products and warned that he might cry from a scratched eye during a virtual company-wide meeting Thursday after the social media. Gerstner also urged the Facebook founder to reduce his firm’s annual capital expenditure, or capex, by at least US$5 billion from US$30 billion, to US$25 billion. Meta’s shares fell 22.6 to 249.90 in after-hours trading. Over the past four years, Meta’s headcount has increased from 25,000 to 85,000 employees. Indeed, the current situation at the company formerly known as Facebook seems quite grim with the Meta stock dropping more than 250 billion or 26.4 percent in. His fortune has been cut in half and then some, dropping by 71 billion so far this. ![]() Even in a rough year for just about every US tech titan, the wealth erased from the chief executive officer of Meta stands out. He urged Zuckerberg to reduce Meta’s bloated headcount expense by at least 20%. An anonymous reader quotes a report from Bloomberg: Mark Zuckerberg's pivot into the metaverse has cost him dearly in the real world. To accomplish that goal, he recommended a three-step plan that would double the firm’s free cash flow to US$40 billion a year and help it get fit and focused. (Bloomberg) - Mark Zuckerberg quipped that if he started to cry, it wasn’t because of the day’s news.Most Read from BloombergAmazon Is Raising Base Salary Cap to 350,000 From 160,000We’re Fine Without Facebook, German and French Ministers SayOttawa Declares Emergency as Protests Spin ‘Out of Control’Meta Renews Warning to EU It Will Be Forced to Pull FacebookPeter Thiel to Leave. ![]() The Mark Zuckerberg-led tech giant more than. Meta was a widely held stock by various investor groups, including hedge funds, according to recent data, leaving a number of funds potentially exposed by the wipe-out in its shares. He argued that “Meta needs to get its mojo back, rebuild confidence with investors, employees and the tech community to attract, inspire and retain the best people in the world”. Meta stock (ticker: META) slipped 3 in after-hours trading, following the companys third-quarter earnings report. ![]()
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