That's burning with a 'B' as in the ILLIONS of dollars 's Reality Labs through in 2022. It’s safe to say that the company failed to convince the masses that it is buying expensive headsets and tuning into the "metaverse" for a jolly good time. B Meta burned totally worth Matrix So how many billions Reality Labs burn, you ask? Well………….. $13.72. That's how much. did For context, $13.72 billion in losses is a little over 10% of the revenue Meta generated during the of 2022. But that's not good enough of a scale, so here's a better example: $13.72 billion is nearly of Zuck's $69.1 billion as of today. entirety 20% worth of net So basically, Zuck burned through one-fifth of his net worth in a single year on a failed vanity project with little to no results. Worse still, Meta is adamant that it will continue investing the metaverse because it sees " " in the space. But until it reaches this *magical* future, Reality Labs (which is responsible for bringing Zuck's VR heaven to life) will continue to post losses, even exceeding those booked in 2022. If this keeps up, Zuck could end up losing his net worth in five years or less. in significant long-term opportunities dystopia all It's not all bad for Meta, though. The company seemed to have reversed a downward trend in its stock price following the release of its quarterly and full-year results last week, thanks to a surprise announcement of a $40 billion share buyback. Maybe now that Meta doesn't have to pay some , it decided it's time to reward its shareholders instead. Lord knows they need to get richer.. 11,000 employees Analysts also about Meta's business prospects given a slew of cost-cutting measures and to remain competitive in the digital ad space i.e., the tech titan's bread and butter. All in all, Meta's better-than-expected financial results (minus Reality Labs, ) seem to have bought Zuck a lifeline as he continues on his mission to conquer the virtual world. sounded upbeat use of artificial intelligence duh Meta ranked #71 in this week's . Its subsidiaries and ranked #2 and #3, respectively. Tech Company Rankings Instagram Facebook 👋 You’re reading HackerNoon's Tech Company News Brief, a weekly collection of tech goodness that combines HackerNoon's proprietary data with internet trends to determine which companies are rising and falling in the public consciousness. Subscribe to receive the newsletter in your inbox every Tuesday! here Tech Titans Say They're Making Billions But Wall Street Says It Ain't Impressed 📉 Alphabet, and — each of which is valued at over a trillion dollars (with a T) — reported their earnings last week which ran into the billions, but for whatever reason, Wall Street was like.. . Apple Amazon Eh Apple booked nearly $30 billion in fourth-quarter 2022 profit, but all anyone could talk about was the — the first in close to four years. drop in the company's revenues Alphabet, the owner of , booked $13.62 billion in profit during the closing months of 2022, but the conversation surrounding the company had again to do with a drop in its . Google revenues In Amazon's case, the conversation had a lot to do with the for the 2022 fourth quarter: $278 million vs. the massive $14.32 billion the company had booked in the same quarter of 2021. massive drop in profit Google ranked #5 this week. Apple was trending in the #35 spot, while Amazon was ranked at #58. Tech Layoffs Continue Unabated, Now Reaching Dell 💻 , one of the mainstays of the personal computers industry, it would be letting go of 5% of its workforce, following in the of other tech companies who have been looking to become leaner since at least mid-2022. Dell said footsteps The layoffs have nothing to do with the Austin, Texas-based company's despite selling laptops to literally every corporation on the planet but an overall trend in the tech space to weather a downturn in the industry in light of falling demand. decreasing market share Dell's decision will impact 6,650 jobs, similar to the 6,000 job cuts its rival announced in . HP late 2022 In Other News.. 📰 The Grammy for the Best Score Soundtrack for Video Games goes to.. 😂 Assassin's Creed Vallalalalal You can now get a discounted version of Apple's iPhone 14 Pro.. . if you're in China YouTuber Logan Paul is facing a in Austin, Texas, for allegedly with his NFT game CryptoZoo. class-action lawsuit defrauding investors is on plans to expand production and R&D in India. Samsung doubling down AMD had a . good quarter And that's a wrap! Don't forget to share this newsletter with your family and friends! See y'all next week. PEACE! ☮️ — Sheharyar Khan, Editor, Business Tech @ HackerNoon

This story contains new, firsthand information uncovered by the writer.

Zuck's Meta Ambition is Burning His Company (& Net Worth) to the Ground

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