100 billion must be in lost market capitalization, not real money, just like tesla is theoretically worth a trillion dollars, no one could recognize that money.
Comment on Meta has discontinued its metaverse for work, too
WanderWisley@lemmy.world 2 days ago
Over $100 billion down the toilet and zuck is still one of the richest people in the world wtf?
hector@lemmy.today 2 days ago
jj4211@lemmy.world 2 days ago
100 billion is a touch higher than I’ve read elsewhere, but evidently they actually spent $77 billion ‘real’ dollars:
hector@lemmy.today 2 days ago
Good god I figured it must have been wrong as it’s such a large amount of money. I wonder how much of that they borrowed and how much they paid in cash. They might be paying astronomical interest payments on all of that.
Just goes to show how we have all the wrong people in charge in the west, at every level from government to business from the ceo on down to middle managers. Zuck is case and point. Well, as someone else posted, this article about their failure has legs. Unlike his stupid metaverse, that no one seemed even slightly interested in from the start.
jj4211@lemmy.world 2 days ago
Yeah, they bought a modest, niche product with a likely viable business case, and then bet they could make it an everyman’s device for all their socializing and experiencing events like sports and music…
The people that actually wanted the device got to take a back seat to them chasing non-existent markets for it… Their aspirations so impossibly high that a niche device could no longer justify itself against the money spent chasing that non-existant market… So something that should have been for some VR nerds to be happy and sustain the business while the rest of the world shrugs and say ‘I don’t get it’ becomes an ‘Obviously this is a failure of a concept and no one should bother doing this’.
Rooster326@programming.dev 2 days ago
Bruh they definitely spent real money on developers and marketing.
Balldowern@lemmy.zip 2 days ago
Trillion is the new Billion.
markz@suppo.fi 1 day ago
He can afford to do it again and then again again. I guess the idea is to keep gambling in hopes of becoming the dominant comany in a massive industry.
Gonzako@lemmy.world 2 days ago
The US economy has devolved from an economy where you gain money by making and selling things to an economy where investing in the stock market and then taking out loans on that stock to keep investing is a better way to keep making money. When was the last time someone rich became poor?
hector@lemmy.today 2 days ago
That is one of the ways they avoid taxes. They take out loans to pay old loans and to spend on the value of their investments at good rates, and since they never realize income they never pay taxes. I think interest is even tax deductible to a degree.
Bezos in 2020, a year his wealth multiplied obscenely, paid 600 dollars. Less than we did.
As per a couple of propublica articles they published around 2021.
Gonzako@lemmy.world 2 days ago
Dang, I pay more in taxes in a single paycheck than bezos did in a year.
merdaverse@lemmy.zip 2 days ago
The excellent article in question: propublica.org/…/the-secret-irs-files-trove-of-ne…