Gotta pad that balance sheet with losses. Can't be paying taxes if you can write off speculative ventures that just might pay off fund other misadventures.
Not only that, their company is worth over $500B more than it was when they rebranded as Meta. They were valued around $1T at the time and around $1.5T today. So they have completely failed to accomplish anything of value or substance, anything that improves life for anybody, or anything at all related to their entire metaverse concept in that time, and yet the market has deemed that they should continue to skyrocket in value.
Which is why they do it. Stock markets don't like idle money. For all they wasted here they made it back anyway. They'll do it again with some other bullshit too.
Buying real estate in the Metaverse used to be compared to buying land on the moon. But Zuck can't turn off the moon, so it's arguably a better investment.
There really should be consequences for top leadership when even 1% of the company has to go.
I'm a businessperson. When you lay off a bunch of people it's not because you suddenly discovered smarter ways to work in your industry.
95% of the time, It's because you planned poorly.
5% of the time, events that could not have been planned for derail things.
If the workers have to suffer consequences for the organization to survive, fine. Take out the leadership who sent the company down the tubes with their orders in the first place.
Remember when everyone made fun of Second Life? Now the people who made it don't need to feel embarrassed anymore because at least they weren't involved in Metaverse. If you were involved with both, there's no salvation left.
It doesn't matter now. All those idiots who wrote books about how good the mataverse was, how it was going to change our lives, how we will be able to talk to costumer support in a virtual office from our house… all those people who wrote about it did the leap to talk about AI and now are writing about how good AI is… goshhhh
56 Comments
UnspecificGravity@piefed.social · 93 pts · 172d
Hilarious that this company is now named after a failed product. It would be like if Ford changed it's name to Pinto.
matengor@lemmy.ml · 10 pts · 171d
Haha. I will remember that.
NewOldGuard@lemmy.ml · 87 pts · 172d
Can’t believe they really rebranded around this shit when we all knew it was a nonsense non-concept five years ago, lmao
scrubbles@poptalk.scrubbles.tech · 42 pts · 172d
This should be taught in MBA and finance classes for how Bros get caught up in a hype cycle and how it's all bullshit
Pika@sh.itjust.works · 32 pts · 171d
they don't learn either cause they dove head first into AI right after.
sakuraba@lemmy.ml · 6 pts · 171d
well we need to remember they changed their name to meta after zucc went to the senate due to the Cambridge Analytica scandal
umbrella@lemmy.ml · 70 pts · 171d
quick_snail@feddit.nl · 9 pts · 171d
I think that would end all poverty in the entire world
Mongostein@lemmy.ca · 62 pts · 172d
They lose $80B and are still in business? That’s insane.
Botzo@lemmy.world · 29 pts · 172d
Gotta pad that balance sheet with losses. Can't be paying taxes if you can write off speculative ventures that just might
pay offfund other misadventures.TwilitSky@lemmy.world · 1 pts · 170d
Also, there are still people dying of hunger.
Thunderbird4@lemmy.world · 1 pts · 170d
Not only that, their company is worth over $500B more than it was when they rebranded as Meta. They were valued around $1T at the time and around $1.5T today. So they have completely failed to accomplish anything of value or substance, anything that improves life for anybody, or anything at all related to their entire metaverse concept in that time, and yet the market has deemed that they should continue to skyrocket in value.
timbuck2themoon@sh.itjust.works · 1 pts · 170d
Which is why they do it. Stock markets don't like idle money. For all they wasted here they made it back anyway. They'll do it again with some other bullshit too.
neukenindekeuken@sh.itjust.works · 37 pts · 171d
They could have cured homelessness 4x over. But instead we got crappy little Zuck-like avatars and an ecosystem nobody ever asked for or wanted.
Fuck this world man.
EatMyPixelDust@lemmy.blahaj.zone · 4 pts · 170d
The world is okay, it's billionaires and stupidity that's the problem
Objection@lemmy.ml · 2 pts · 170d
Yes, but have you considered that you can simply buy a house on the Metaverse?
ch00f@lemmy.world · 32 pts · 171d
For everyone who never tried it, they had honest to god paid employees in Horizon Worlds to help players get oriented. I cannot imagine a worse job.
The one I ran into was standing in front of some “game” experience that was like…jumping on tiles or some shit.
ChicoSuave@lemmy.world · 31 pts · 172d
Buying real estate in the Metaverse used to be compared to buying land on the moon. But Zuck can't turn off the moon, so it's arguably a better investment.
ordnance_qf_17_pounder@reddthat.com · 30 pts · 172d
astraeus@lemmy.ml · 27 pts · 171d
wesker@lemmy.sdf.org · 25 pts · 172d
I tried to tell him.
wewbull@feddit.uk · 8 pts · 171d
He could have paid you $40B for that advice and still be better off.
ch00f@lemmy.world · 22 pts · 171d
But I thought the whole line was “hOrIzOn WoRlDs iSnt the MeTaVeRsE.”
Followed by no explanation of what the metaverse is.
davel@lemmy.ml · 25 pts · 171d
Finally it can be explained: 1) Dig a ditch, 2) Dump in $80B, 3) Light it on fire.
Whostosay@sh.itjust.works · 6 pts · 171d
You didn't slap the acronym AI anywhere on that, you'd only be able to burn 10B through your method.
davel@lemmy.ml · 4 pts · 171d
1a) Buy $80B in crypto.
1b) Sell the crypto for $50B.
Whostosay@sh.itjust.works · 3 pts · 171d
Wait. But how will we starve the browns?
Unpigged@lemmy.dbzer0.com · 3 pts · 171d
Of course by jacking up the energy and water prices, Watson!
sakuraba@lemmy.ml · 16 pts · 171d
remember 6 years ago when everyone was saying 'learn to code'?
now what?
titanicx@lemmy.zip · 9 pts · 171d
Back to physical hardware, installation, troubleshooting. Been doing that as my focus for years. I'm so busy I turn down work.
sakuraba@lemmy.ml · 3 pts · 171d
yeah looks like this is the way now, people are not buying new hardware
titanicx@lemmy.zip · 1 pts · 171d
They are. Just at the Enterprise and business level.
iamericandre@lemmy.world · 4 pts · 170d
Go to a trade school
desmosthenes@lemmy.world · 13 pts · 171d
16k souls about to lay for his continued mistakes https://www.independent.co.uk/news/world/americas/meta-job-layoffs-artificial-intelligence-b2938715.html
TwilitSky@lemmy.world · 1 pts · 170d
There really should be consequences for top leadership when even 1% of the company has to go. I'm a businessperson. When you lay off a bunch of people it's not because you suddenly discovered smarter ways to work in your industry.
95% of the time, It's because you planned poorly. 5% of the time, events that could not have been planned for derail things.
If the workers have to suffer consequences for the organization to survive, fine. Take out the leadership who sent the company down the tubes with their orders in the first place.
desmosthenes@lemmy.world · 2 pts · 170d
but unfortunately mark has complete control and his board has no power
desmosthenes@lemmy.world · 2 pts · 170d
100% agreed
kazerniel@lemmy.world · 11 pts · 171d
ahh the schadenfreude... 😈
drmoodmood@lemmy.ml · 11 pts · 170d
And now they're not shutting it down after all. :D
EatMyPixelDust@lemmy.blahaj.zone · 3 pts · 170d
lol wtf
GameOverFlow@lemmy.zip · 2 pts · 170d
bummer
TwilitSky@lemmy.world · 10 pts · 170d
Remember when everyone made fun of Second Life? Now the people who made it don't need to feel embarrassed anymore because at least they weren't involved in Metaverse. If you were involved with both, there's no salvation left.
Patrikvo@lemmy.zip · 7 pts · 170d
The Metaverse cycle:
10 Some article remind me it exist;
20 I shrug and continue not to care about the Metaverse;
30 I forget about the existance of the Metaverse;
40 Some amount of time passes;
50 GOTO 10.
SavageCoconut@lemmy.world · 7 pts · 170d
It doesn't matter now. All those idiots who wrote books about how good the mataverse was, how it was going to change our lives, how we will be able to talk to costumer support in a virtual office from our house… all those people who wrote about it did the leap to talk about AI and now are writing about how good AI is… goshhhh
ActualCommunistLearning@lemmy.world · 4 pts · 170d
crazycraw@crazypeople.online · 7 pts · 172d
ohh bless their hearts.
i love this for them.
eestileib@lemmy.blahaj.zone · 6 pts · 170d
I think it's hilarious that the entire press and Meta are both like "ope, people don't want to hang out in VR".
furries continue to hang out in VR chat
HubertManne@piefed.social · 2 pts · 170d
I think its hilarious they are called meta. they will never be able to get away from their shame.
RedGreenBlue@lemmy.zip · 5 pts · 171d
Where did the money go? Programmer salaries?
wewbull@feddit.uk · 16 pts · 171d
That's a very good question. How do you spend $80billion?
Zuckerberg makes Brewster look like an amateur.
madcaesar@lemmy.world · 2 pts · 171d
Tax write offs. There's no way they spent 80 billion, but they'll claim 80 billion in tax deductions for the "loss"
quick_snail@feddit.nl · 2 pts · 171d
Yes. And lawyers. And hardware manufacturing. And energy to run servers.
Sunforged@lemmy.ml · 4 pts · 172d
One more reason for centralized planning.
Laax@piefed.ca · 4 pts · 172d
Darn shame, poor Zuck
merdaverse@lemmy.zip · 3 pts · 170d
Are they going to rebrand to Slop now to follow the latest trend?
RememberTheApollo_@lemmy.world · 2 pts · 170d
We have had Meta headsets for a couple years. Still don’t know what the “metaverse” is. The headsets are fun, though.
Tiger666@lemmy.ca · 2 pts · 170d
Those lobsters should have top hats and monocles.
TwilitSky@lemmy.world · 1 pts · 170d
Not everything has to be so realistic.
NigelFrobisher@aussie.zone · 1 pts · 170d
Did anyone even think about this once while not reading news stories about it?
G3NI5Y5@europe.pub · 1 pts · 170d
No surprise