There is no way out of the meta metaverse money pit

On Thursday, Meta shocked the financial world by posting a 52% profit decline, its second consecutive quarterly decline, and a 4% year-over-year decline in revenue. This so decimated its shares with a drop of 24.5% that it caused the financial analyst Jim Cramer to burst into tears and apologize to the air for having faith in the company.

One of the main culprits in Meta’s decline is the reason it got its name, Mark Zuckerberg’s relentless pursuit of the metaverse through the company’s Reality Labs division, which has lost $9.4 billion this year to date. the moment, and there are warnings of larger and broader losses to come. in 2023.

While there are many problems facing Meta, challenges from TikTok, Apple hampering its ad targeting abilities, Zuckerberg’s metaverse pipe dream is…