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- Mark Zuckerberg rebranded the company’s title as Meta last year.
- The step was taken to shift the organization’s focus towards metaverse.
- Meta stocks were trading at the market price of $99.2.
Zuck Bucks Being The Best Conn for Wobbling Meta Ship
The year has gone by in a blink since Mark Zuckerberg rebranded Facebook as Meta in October 2021. The idea was to bring the metaverse into the game to make social media more immersive and interesting. The company has gone through a rocky path on this journey having tasted victories and challenges along their way. With rivals like Apple in the arena, Meta Platforms has shown a significant strength to become the best player in this race.
Meta Platforms have gained a lot of attention from the users for their cool initiative and from the regulators as well due to their controversial past. Soon after Zuck Bucks changed the company’s name, they were forced to wipe the facial data of over a Billion users of the platform considering their unethical usage of information in the Facebook-Cambridge Analytica Data Scandal during 2010.
The same month Meta landed a partnership with the tech giants Mirosoft to enhance their virtual work environments. Recently, the company sealed a deal to bring Office 365 into their virtual worlds. The move was to increase productivity in the digital workplaces.
Company rolled out their core metaverse product, Horizon Worlds by the end of the year. But the initiative failed to attract a lot of attention similar to its social media apps like Facebook, Instagram, and more. People even mocked Zuckerberg for a terrible virtual selfie, where Mark apologized and posted an updated version of the avatar to show the reality.
Following the major NFT boom in 2021, Mark Zuckerberg integrated non-fungible tokens on Instagram and Facebook. People can show their digital collectibles and use them as profile pictures on both the apps. Meta CEO also announced that soon the users will be able to create, mint and sell the tokens on these platforms.
As the Meta is moving forward with their major metaverse vision, they are encountering some hurdles to growth on their way. Recently, Competitions and Market Authority (CMA) ordered the company to sell the Giphy, a GIF platform, to prevent monopoly in the market.
Meta is reportedly throwing a lot of money in its research and development arm Reality Labs. According to an estimate, the company has spent over $15 Billion for the research, but it is unclear where exactly Meta has directed those funds. These moves may prove utterly damaging to the organization’s finances.
Meta Stocks Price Action
Meta stocks were changing hands at a market value of $99.20 at the time of publication. Company’s shares have remained bearish since mid-August when they peaked at $180 during the month. The price displayed some positive signs to maintain the level during mid-September, but has failed to gain such a mark since.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
