Meta boss (Facebook) Mark Zuckerberg's attempts to build a metaverse—a virtual online world—resulted in profits dropping by more than 50%.
- Investors rushed to dump Meta Platforms Inc's stock, pushing it down 20% and wiping $67 billion off its market value.
- The company has posted its fourth straight decline in quarterly profit.
- It also anticipates that operating losses at Reality Labs—the unit responsible for bringing the metaverse to life—will grow 'significantly' in 2023.
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