{"id":5991,"date":"2022-10-27T19:59:33","date_gmt":"2022-10-27T19:59:33","guid":{"rendered":"https:\/\/petersantilli.com\/?p=5991"},"modified":"2022-10-28T05:23:51","modified_gmt":"2022-10-28T05:23:51","slug":"meta-suffers-staggering-overnight-plummet-as-zuckerberg-doubles-down-on-terrifying-strategy","status":"publish","type":"post","link":"https:\/\/petersantilli.com\/?p=5991","title":{"rendered":"Meta Suffers Staggering Overnight Plummet as Zuckerberg Doubles Down on &#8216;Terrifying&#8217; Strategy"},"content":{"rendered":"<p>October 27, 2022 at 03:56PM <em><strong>Meta Suffers Staggering Overnight Plummet as Zuckerberg Doubles Down on &#8216;Terrifying&#8217; Strategy<\/strong><\/em><\/p>\n<p><iframe class=\"rumble\" src=\"https:\/\/rumble.com\/embed\/v1nneef\/?pub=24ns9\" width=\"640\" height=\"360\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<div>\n<article>\n<header><span style=\"font-size: revert; color: initial; font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\">Meta stock plunged Thursday in pre-market trading as investors seeking profits are losing patience with the underperforming company.<\/span><\/header>\n<section>As of 9:30 a.m Eastern Time, Meta\u2019s stock was at $98.45 per share, down over 31 percent from Wednesday\u2019s close, according to <a href=\"https:\/\/finance.yahoo.com\/quote\/META\/\" target=\"_blank\" rel=\"noopener\">Yahoo Finance<\/a>.<\/p>\n<p>Investors are grumpy over the ever-increasing costs of Meta\u2019s virtual reality projects that are not paying out a significant return on a mammoth investment.<\/p>\n<p><a href=\"https:\/\/www.reuters.com\/technology\/investors-punish-zuckerberg-costly-metaverse-pitch-falls-flat-2022-10-27\/\" target=\"_blank\" rel=\"noopener\">Reuters<\/a> quoted analysts it did not name as saying Meta\u2019s investments were \u201cconfusing and confounding\u201d and its inability to cut costs \u201cextremely disturbing.\u201d<\/p>\n<p>\u201cThe roll out and take up of the group\u2019s virtual reality products leaves a lot to be desired, despite the seemingly never-ending upwards spiral of the research and development budget,\u201d Sophie Lund-Yates, Hargreaves Lansdown\u2019s lead equity analyst, said, according to <a href=\"https:\/\/markets.businessinsider.com\/news\/stocks\/facebook-meta-platforms-stock-price-earnings-miss-mark-zuckerberg-metaverse-2022-10\" target=\"_blank\" rel=\"noopener\">Business Insider<\/a><\/p>\n<p>Meta shareholder Altimeter Capital Management, a technology-focused hedge fund, wants Meta to cut its metaverse investments in half from the current annual level of $10 billion.<\/p>\n<p>Altimeter said such <a href=\"https:\/\/www.westernjournal.com\/zuckerberg-just-cant-stop-losing-meta-smacked-another-massive-lawsuit\/?ff_source=site&amp;ff_medium=aggregator10&amp;ff_campaign=can\" target=\"_blank\" rel=\"noopener\">huge investments<\/a> \u201cin an unknown future is super-sized and terrifying, even by Silicon Valley standards,\u201d according to <a href=\"https:\/\/www.reuters.com\/technology\/meta-shareholder-wants-facebook-parent-cut-jobs-spending-2022-10-24\/\" target=\"_blank\" rel=\"noopener\">Reuters<\/a>.<\/p>\n<p>Meta, the parent company of Facebook, said costs could rise 16 percent next year and that losses at Reality Labs, where metaverse research and development is taking place, \u00a0\u201cwill grow significantly\u201d next year.<\/p>\n<div>\n<p>Will Americans change their technology habits if the economy tanks?<\/p>\n<div>\n<p>Yes: 67% (34 Votes)<\/p>\n<p>No: 33% (17 Votes)<\/p>\n<\/div>\n<\/div>\n<p>Reality Labs lost $5.8 billion in the first six months of the year. Its third-quarter losses amounted to $3.67 billion, according to <a href=\"https:\/\/www.reuters.com\/technology\/investors-punish-zuckerberg-costly-metaverse-pitch-falls-flat-2022-10-27\/\" target=\"_blank\" rel=\"noopener\">Reuters<\/a>.<\/p>\n<p>During a conference call, Jefferies analyst Brent Thill told Meta executives, \u201cI think kind of summing up how investors are feeling right now is that there are just too many experimental bets versus proven bets on the core \u2026 I think everyone would love to hear why you think this pays off.\u201d<\/p>\n<p>CEO Mark Zuckerberg said he was <a href=\"https:\/\/www.westernjournal.com\/ap-nigeria-regulator-seeks-70m-penalty-lawsuit-meta\/?ff_source=site&amp;ff_medium=aggregator10&amp;ff_campaign=can\" target=\"_blank\" rel=\"noopener\">staying the course<\/a>.<\/p>\n<p>\u201cIt would be a mistake for us to not focus on any of these areas that will be fundamentally important to our future,\u201d he said.<\/p>\n<p data-testid=\"paragraph-7\">\u201cI know that sometimes when we ship a product \u2026 people say: \u2018Hey, you\u2019re spending all this money, and you\u2019ve produced this thing,\u2019 and I think that\u2019s not really the right way to think about it.\u201d<\/p>\n<p data-testid=\"paragraph-8\">\u201cWe\u2019re doing leading work that will become \u2026 eventually mature products at different cadences in different periods of time over the next five to 10 years,\u201d he said.<\/p>\n<p><a href=\"https:\/\/www.westernjournal.com\/zuckerberg-exposed-hypocrite-bot-automatically-reports-four-facts\/?ff_source=site&amp;ff_medium=aggregator10&amp;ff_campaign=can\" target=\"_blank\" rel=\"noopener\">Zuckerberg<\/a> touted a $1,500 virtual and mixed reality headset called Quest Pro and a social metaverse platform where people use avatars to express themselves.<\/p>\n<p>Paolo Pescatore, an analyst at PP Foresight, was not sold.<\/p>\n<p data-testid=\"paragraph-9\">\u201cThe metaverse \u2026 feels like \u2026 one big gamble given the economic crisis,\u201d he said.<\/p>\n<p data-testid=\"paragraph-12\">\u201cPeople are not rushing out of their seats to buy a VR headset or even watch 360-degree videos \u2026 The new device still feels like an expensive toy,\u201d he said.<\/p>\n<p>As noted by <a href=\"https:\/\/markets.businessinsider.com\/news\/stocks\/facebook-meta-platforms-stock-price-earnings-miss-mark-zuckerberg-metaverse-2022-10\" target=\"_blank\" rel=\"noopener\">Business Insider<\/a>, Meta\u2019s shares were down just over 61 percent for the year, even before Thursday\u2019s erosion.<\/p>\n<p>A slowdown in digital advertising linked to the economic slowdown is impacting all tech platforms. Alphabet, the parent of <a href=\"https:\/\/www.westernjournal.com\/state-texas-moves-google-alleges-kids-faces-scanned-cataloged-stored-future-use\/?ff_source=site&amp;ff_medium=aggregator10&amp;ff_campaign=can\" target=\"_blank\" rel=\"noopener\">Google<\/a>, suffered a fall in its stock price after a Wednesday report indicating a revenue decline from YouTube and Google Network.<\/p>\n<div>\n<div>\n<div><\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/article>\n<\/div>\n<p>via The Western Journal<\/p>\n","protected":false},"excerpt":{"rendered":"<p>October 27, 2022 at 03:56PM Meta Suffers Staggering Overnight Plummet as Zuckerberg Doubles Down on &#8216;Terrifying&#8217; Strategy Meta stock plunged Thursday in pre-market trading as investors seeking profits are losing patience with the underperforming company. As of 9:30 a.m Eastern Time, Meta\u2019s stock was at $98.45 per share, down over 31 percent from Wednesday\u2019s close, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5993,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[8,1,225],"tags":[103],"class_list":["post-5991","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured-stories","category-pete-santilli-post","category-technocracy","tag-sbn"],"featured_image_urls":{"full":["https:\/\/i0.wp.com\/petersantilli.com\/wp-content\/uploads\/2022\/10\/Screen-Shot-2022-10-27-at-3.55.28-PM.png?fit=1440%2C1042&ssl=1",1440,1042,false],"thumbnail":["https:\/\/i0.wp.com\/petersantilli.com\/wp-content\/uploads\/2022\/10\/Screen-Shot-2022-10-27-at-3.55.28-PM.png?resize=150%2C150&ssl=1",150,150,true],"medium":["https:\/\/i0.wp.com\/petersantilli.com\/wp-content\/uploads\/2022\/10\/Screen-Shot-2022-10-27-at-3.55.28-PM.png?fit=300%2C217&ssl=1",300,217,true],"medium_large":["https:\/\/i0.wp.com\/petersantilli.com\/wp-content\/uploads\/2022\/10\/Screen-Shot-2022-10-27-at-3.55.28-PM.png?fit=768%2C556&ssl=1",768,556,true],"large":["https:\/\/i0.wp.com\/petersantilli.com\/wp-content\/uploads\/2022\/10\/Screen-Shot-2022-10-27-at-3.55.28-PM.png?fit=1024%2C741&ssl=1",1024,741,true],"rpg_gallery_admin_thumb":["https:\/\/i0.wp.com\/petersantilli.com\/wp-content\/uploads\/2022\/10\/Screen-Shot-2022-10-27-at-3.55.28-PM.png?resize=150%2C150&ssl=1",150,150,true],"rpg_gallery_thumb":["https:\/\/i0.wp.com\/petersantilli.com\/wp-content\/uploads\/2022\/10\/Screen-Shot-2022-10-27-at-3.55.28-PM.png?resize=150%2C150&ssl=1",150,150,true],"1536x1536":["https:\/\/i0.wp.com\/petersantilli.com\/wp-content\/uploads\/2022\/10\/Screen-Shot-2022-10-27-at-3.55.28-PM.png?fit=1440%2C1042&ssl=1",1440,1042,true],"2048x2048":["https:\/\/i0.wp.com\/petersantilli.com\/wp-content\/uploads\/2022\/10\/Screen-Shot-2022-10-27-at-3.55.28-PM.png?fit=1440%2C1042&ssl=1",1440,1042,true]},"author_info":{"info":["Peter Santilli"]},"category_info":"<a href=\"https:\/\/petersantilli.com\/?cat=8\" rel=\"category\">Featured Stories<\/a> <a href=\"https:\/\/petersantilli.com\/?cat=1\" rel=\"category\">Pete Santilli - Opinion<\/a> <a href=\"https:\/\/petersantilli.com\/?cat=225\" rel=\"category\">Technocracy<\/a>","tag_info":"Technocracy","comment_count":"0","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/plD2r-1yD","jetpack_likes_enabled":true,"jetpack_featured_media_url":"https:\/\/i0.wp.com\/petersantilli.com\/wp-content\/uploads\/2022\/10\/Screen-Shot-2022-10-27-at-3.55.28-PM.png?fit=1440%2C1042&ssl=1","_links":{"self":[{"href":"https:\/\/petersantilli.com\/index.php?rest_route=\/wp\/v2\/posts\/5991","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/petersantilli.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/petersantilli.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/petersantilli.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/petersantilli.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5991"}],"version-history":[{"count":0,"href":"https:\/\/petersantilli.com\/index.php?rest_route=\/wp\/v2\/posts\/5991\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/petersantilli.com\/index.php?rest_route=\/wp\/v2\/media\/5993"}],"wp:attachment":[{"href":"https:\/\/petersantilli.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5991"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/petersantilli.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5991"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/petersantilli.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5991"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}