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Mark Zuckerberg's Metaverse Statement Dropped Meta Stock Nearly 20%

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The stock price of Meta, the company that owns Facebook and Instagram, fell sharply by about 20 percent. On October 25, 2019, in New York City, Facebook CEO Mark Zuckerberg discussed the new Facebook News feature at the Paley Center For Media.  Moreover, stories from a variety of newspapers, including The New York Times, will be available on Facebook News, which will be featured in a new dedicated section on the Facebook app. It comes after none other than its CEO, Mark Zuckerberg, addressed the doubts of its investors regarding the company's exorbitant costs for its metaverse project. According to the South China Morning Post's most recent report, Meta, the parent company of Facebook, is seeing a reduction in the value of its shares, which has already reached almost 20%. Mark Zuckerberg's Metaverse Statement Dropped Meta Stock Nearly 20% The Hong Kong-based news source reports that Meta's shares fell sharply after the tech giant revealed its dismal outlook for the Christmas season or the final three months of the year. According to the South China Morning Post, the parent company of Facebook also acknowledged that by 2023 or the next year, its costs will soar. The media outlet calculated. And it turns out that the 20% drop in stock price has already significantly reduced the market worth of the computer giant by a staggering $67 billion. Additionally, the Zuckerberg-led company's market worth has decreased by about half a trillion dollars since 2022 began. However, it is important to note that the gloomy prediction that Meta provided coincides with the numerous challenges that the IT giant is now dealing with. For instance, the parent company of Facebook is battling TikTok, a Chinese social media platform, in a heated fight.  Mark Zuckerberg's Metaverse Statement Dropped Meta Stock Nearly 20% Not to mention how negatively the advertising practices of Apple on iPhones are impacting Meta sales. The social media behemoth is also being impacted by the continuing global economic recession. The New York Post recently reported that the parent company of Facebook had a dramatic fall in its revenue over the past two quarters. However, it should be recalled that Microsoft and Alphabet, the parent company of Google, also posted disappointing earnings for the previous quarter.

By Fakun Gram

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