Meta CEO Mark Zuckerberg lost $14 billion last year on the metaverse initiative. Facebook reported a $13.7 billion loss on Reality Labs division overseeing metaverse.
Total spent on the project is nearly $23 billion. The division generated $2.16 billion in 2022 revenue, down from 2021 and less than 2% of Meta’s earnings. Zuckerberg expects greater losses in 2023, but aims to grow the company’s overall operating income in the long run.
Despite losses, the markets are positive, with shares jumping 20% after exceeding earnings expectations.
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