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- Mark Zuckerberg recently appeared at the New York Times DealBook Summit.
- He still holds an optimistic vision for the metaverse.
- META stock was up by over 7% in the past 24 hours.
Zuck Bucks Isn’t Affected by Doubters
The world we see today will change upon the metaverse arrival. And Mark Zuckerberg, Meta (NASDAQ: META) CEO, is so optimistic regarding the virtual worlds that he has spent a fortune in research and development of these spaces. He said during the New York Times DealBook Summit that “the way people communicate will become immersive”.
To this date Zuck Bucks and his company have received a lot of criticism from industry experts as well as investors. But he is not bothered by such critics and says that “we’ve had doubters the whole time”. He explained that the organization had primarily spent their time on the family of social media apps and rest on metaverse development.
According to CNBC, Mark Zuckerberg criticized the company’s most fierce rivals, Apple (NASDAQ: AAPL), for how they exert control over the App Store. He compared it to Google where users are free to download any app from Play Store as well as any other third party application. The iPhone maker had to face a lawsuit from Epic Store in August 2020 for such practices.
According to Fortune, Meta has lost more than $100 Billion since Zuckerberg brought metaverse into the game. A company shareholder issued an open letter to him, stating that “an estimated $100 Billion investment in an unknown future is both super-sized and terrifying”. He also suggested Meta CEO to increase the company’s Free Cash Flow.
META Stock Price Analysis
Meta stock was trading at a market price of $118.1, a 7.89% increase in the past 24 hours. The latest candle has hit the previous week’s high. Company shares have lost over 60% value since this year’s high in January 2022. The correction comes as Jeremy Powell announced that the Central bank may reduce the pace of increasing hike rates.
Another reason remains the speculation regarding growth in the digital ads industry. The advertisers have already pulled back fearing the recession but the Fed chair’s announcement may cause a significant rise in the sector. META stock currently holds a support at $90 – $95 and resistance around $120 at the publication time.
Meta Platforms’ revenue has gone down by over 4% and net income by a whopping 52% on an year on year basis. According to some experts, they know that the company is throwing funds on metaverse research but they don’t know where exactly this “metaverse research fund” is going.
Metaverse is a growing concept with several tech giants like Microsoft (NASDAQ: MSFT), Apple, Nvidia (NASDAQ: NVDA) and more working on virtual spaces and objects. A research even shows that this state-of-the-art notion will create several jobs in future.
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.
