It’s been a tough few months for Facebook who, in the five months since rebranding to Meta, are said to have lost a staggering $500 billion
Facebook’s parent company, now Meta, has been hit hard by a number of newly introduced privacy changes by companies like Apple and Google.
Meta has suffered from these new privacy restrictions, their business hinging on a model which tracks as much of your personal data as possible.
Figures earlier this month reveal the company has dropped 30% of its stock market share value.
Apple and Google’s privacy measures, which allow users to block Meta’s trackers, are clearly having an effect on company business.
Meta’s trackers themselves, however, are also said to be responsible for many users turning their backs on the company’s platforms. This has been due, primarily, to a generally adverse response to advertisements that are eerily accurate.
Announcing @Meta — the Facebook company’s new name. Meta is helping to build the metaverse, a place where we’ll play and connect in 3D. Welcome to the next chapter of social connection. pic.twitter.com/ywSJPLsCoD
— Meta (@Meta) October 28, 2021
Whilst a $500 billion deficit has been recorded since Facebook’s change to Meta, rebranding is not the sole cause of financial haemorrhage. With his strong focus on the metaverse and immersive internet, Zuckerberg is taking the company in a new and, frankly, slightly creepy direction.
Clearly, many of us have a slightly unsettled response to these strangely askew VR landscapes and digital worlds. Some gamers and game-makers seem especially confused, not really seeing the point in digital worlds which look far worse than most modern games. It is no surprise then that many are not buying into Meta’s branding and company direction.
Facebook’s name change has sparked an outpour of jokes at their expense, with many companies, such as Hulu, poking fun at the nature of Zuckerberg’s rebranding.
Hello, we are still Hulu.
— Hulu (@hulu) October 28, 2021
$500 billion is a sickening amount of money to be lost over mere months. Previously at number 6, Meta’s decline has seen the company fall all the way off the top ten richest companies in the world list to number 11.
It remains to be seen whether Zuckaberg’s gamble on the metaverse will pay off.
