How Mark Zuckerberg escaped a metaverse-sized hole
His long-term bet still stands, though
IT HAS BEEN quite a year for Mark Zuckerberg. The co-founder of Facebook, a social-media Goliath now called Meta, is no stranger to public rebuke. But exactly a year ago even investors appeared to throw in the towel, accusing him of trashing the core business while lavishing money on his pharaonic dreams for the metaverse, a virtual world where he alone appeared to float in a deluded fantasy realm. On the day Meta issued weak third-quarter earnings last year, its share price fell by more than a fifth. Zuck’s name was mud.
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This article appeared in the Business section of the print edition under the headline “A new Meta narrative”
Business October 28th 2023
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