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Meta has discontinued its metaverse for work, too (www.theverge.com)
submitted 7 months ago by to c/technology@lemmy.world
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[–] 12 points 7 months ago (5 children)

100 billion must be in lost market capitalization, not real money, just like tesla is theoretically worth a trillion dollars, no one could recognize that money.

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  • [–] 12 points 7 months ago (3 children)

    100 billion is a touch higher than I've read elsewhere, but evidently they actually spent $77 billion 'real' dollars:

    https://finance.yahoo.com/news/mark-zuckerberg-threw-77-billion-143014208.html

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  • [–] 6 points 7 months ago (2 children)

    Good god I figured it must have been wrong as it's such a large amount of money. I wonder how much of that they borrowed and how much they paid in cash. They might be paying astronomical interest payments on all of that.

    Just goes to show how we have all the wrong people in charge in the west, at every level from government to business from the ceo on down to middle managers. Zuck is case and point. Well, as someone else posted, this article about their failure has legs. Unlike his stupid metaverse, that no one seemed even slightly interested in from the start.

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  • [–] 10 points 7 months ago (1 child)

    Yeah, they bought a modest, niche product with a likely viable business case, and then bet they could make it an everyman's device for all their socializing and experiencing events like sports and music....

    The people that actually wanted the device got to take a back seat to them chasing non-existent markets for it... Their aspirations so impossibly high that a niche device could no longer justify itself against the money spent chasing that non-existant market.. So something that should have been for some VR nerds to be happy and sustain the business while the rest of the world shrugs and say 'I don't get it' becomes an 'Obviously this is a failure of a concept and no one should bother doing this'.

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  • [–] 8 points 7 months ago

    Classic case of yes men-ism. Everyone around zuck tells him he's the greatest, smartest, infallible. He likely removed anyone from his life that was willing to tell him he was wrong. He is making money hand over fist, and believes it, he's special, the laser light of all knowledge shines out of his ass, don't look directly at it or you can go blind. So he gets an idea, tells his people how he thinks everyone could get into it, they all heartily agree, what a great idea zuck!

    I bet if anyone did tell him it wasn't, he fired or removed them from his life, and still hasn't apologized or made amends about it too, and instead doesn't hold any sort of grudge against the people that told him he was right despite knowing better and being too craven to tell the truth.

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