Facebook's $267 billion stock market collapse is the ultimate proof that Mark Zuckerberg doesn't know what he's doing
All of this negativity can complicate the process of hiring the kind of talent it takes to build an entirely new world, too.Meta is operating in a totally different environment in terms of user engagement, markets, and regulatory scrutiny than it has at any other point in its young life.
When the company made the pivot to mobile in the early 2010s, it did so in part by moving aggressively to acquire, copy, or destroy its competition. It gobbled up existing businesses like Instagram and WhatsApp, products which have helped sustain the company over the past few years.
Back in the day, Zuckerberg could build a product and ask questions later. But Meta has gotten too big to"move fast and break things." It now has to ask permission. For example, Facebook tried to dip its toe into a fast-growing speculative-growth area by trying to launch its own cryptocurrency . Despite the fact that it seems like anyone can create their own stablecoin, Meta's attempts were dashed by regulators, andto a small bank that serves crypto clients.
Zuckerberg bet on a big growth play at exactly the wrong time and now investors are punishing him for it. Meta's market value has dropped by more than $250 billion since its disastrous earnings .Zuckerberg is also living in a world where investors are not going to be as amenable to growth gambles like the metaverse pivot.
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