Mark Zuckerberg and his tech company in Facebook made some massive changes last year by announcing a rebrand to Meta.
With a newfound focus on the metaverse, the new parent company in Meta was destined to change the tide in the tech world with Zuckerberg at the forefront.
However, four months after the rebranding, both Meta and Zuckerberg’s value have taken a massive dip, and according to the New York Magazine, the company has lost over $500 billion in market capitalization.
This has dropped Meta, which was once one of the top five biggest companies in the world in terms of market share to now look outside the top ten.
Meta has been replaced by the likes of companies such as TSMC, Berkshire Hathway and Tencent. The company which once had a trillion dollar market cap is now on the verge of imploding, and it seems like we might be looking towards one of the worst downward spirals ever seen in the world of tech.
It isn’t just the rebranding that has caused the collapse of Meta and its many arms, as the name change came with other new tweaks such as focusing on the metaverse.
Moreover, along with the new changes, the company has been hit with various controversies over the past few years regarding the leaks involving the private data of Facebook users.
Even with all the controversies and the issues surrounding Meta and Facebook, the company’s other major arms such as Instagram and Whatsapp continue to churn out money.
However, with Zuckerberg continuing to tread on the path he has created in developing the metaverse, it seems like the profits from Instagram and Whatsapp won’t matter in the long run, and it will be interesting to see if the Facebook co-founder’s gamble will pay off in the end.
While the company has lost almost half of its market capitalization in recent years, Meta is still banking on the risk Zuckerberg has taken with the company’s plans for the future, and only time will tell whether it will work out or cause another collapse that it can’t handle.
