A year ago, Mark Zuckerberg renamed Facebook to Meta and declared that he was betting

everything on the virtual reality experience known as the "metaverse."

Since then, just as the world economy has slowed, inflation has risen

and investors have started paying more attention to costs, Meta has invested billions of dollars

and reorganized itself around emerging technology

The result has been nothing less than catastrophic

Spending on the metaverse and the slowing growth of social networking and digital advertising

both had a significant negative impact on Meta's earnings this year

loss since going public in July. Over 60% of its shares have been lost this year