Meta has worried investors by pouring over $10 billion a year into the “metaverse” as it shifts its focus away from social media.
billionaire Elon MuskZuckerberg as well said that he had made the decision to hire aggressively, anticipating rapid growth even after the pandemic ended.
Spooked investors have sent company shares tumbling more than 71% since the beginning of the year and the stock now trades at levels last seen in 2015. Competition from TikTok is also a growing threat as younger people flock to the video-sharing app over Instagram, which Meta also owns.
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