The trek into the metaverse for Mark Zuckerberg has been anything but smooth. His once-risky bet, which cost him more than $100 billion, appears to be paying off handsomely now.
His net worth has increased dramatically to $201 billion in less than two years, nearly sixfold. The skyrocketing stock price of Meta Platforms Inc., which has increased by about 60% just this year, is mostly the impetus for this surge.
Consequently, Zuckerberg is once again the fourth richest person in the world, behind only Jeff Bezos, Bernard Arnault, and Elon Musk.
The Metaverse: A Mixed Bag
Despite these amazing numbers, the metaverse remains controversy-ridden. While Zuckerberg maintains that it is the future of social interaction, many remain skeptical about it.
Some doubters think Meta’s performance produced more loses than advantages. Some critics have argued that Zuckerberg’s fortune has been less in the metaverse concept itself than in his endeavors to benefit from recent AI leaps.
Interestingly, Meta made huge financial stabilization efforts. This includes the initiation of its $50 billion share buyback program and also reduced 25% of its workforce for the sake of streamlining the organization.
A Shift In Focus?
Zuckerberg continued to support the metaverse despite financial issues. He passionately discussed integrating the actual and virtual worlds at recent events, envisioning a period when people communicate via holograms or avatars.
Nonetheless, a few shareholders and insiders are advising caution. They’ve voiced reservations about investing further funds in what many consider to be a project that is still a long way from becoming widely accepted.
Furthermore, there’s a growing belief that Zuckerberg ought to focus on Meta’s main applications, which generate almost all of the company’s income: Facebook, Instagram, and WhatsApp.
As the tech sector gets more competitive—especially with rivals like Google and Amazon making major advances in artificial intelligence— Zuckerberg might wish to rethink his goals.
Looking Forward
As Meta continues to introduce fresh goods, such as the Quest 3 VR helmet and Ray-Ban smart glasses, these innovations should eventually help the business to increase its income.
Still, many investors who would rather see gains sooner rather than later harbor great skepticism. Future prosperity of the company will depend critically on its capacity to include fresh technologies into its current systems.
Featured image from Fortune, chart from TradingView