While 2022 has been a tough year for the tech industry, Meta has had an especially rough patch. Its shares have fallen 60% since the company changed its name in October 2021, when its shares were trading at $323.57 per share. Meta is currently trading at $114.74, according to MarketWatch.
“Meta began 2022 with a new name and a new vision for the future, and at Reality Labs it is our job to bring that vision to life,” Reality Labs CTO Andrew Bosworth wrote in a company post. “We never thought it would be easy or simple, but this year it was even more difficult than we expected.
“Economic challenges around the world, combined with pressures on Meta’s core business, have created a perfect storm of skepticism about the investments we are making,” Bosworth explained.
