Facebook parent loses $10 billion on metaverse projects

Meta reported that its Reality Labs division lost more than $10 billion in 2021 on meta-related projects. Meta has its share of critics in its pursuit of an early mover advantage relative to the metaverse. “It is time for a reality check on Meta’s position for the metaverse,” said Raj Shah, a technology analyst for Publicis Sapient. “The metaverse is a long way from being profitable or filling the gap in ad revenue after Apple’s policy change.”