Meta is putting a lot of virtual eggs — and billions of dollars — into the metaverse basket, and Wall Street is spooked.
Shares of the company formerly known as Facebook saw a historic plunge Thursday after it reported a rare profit decline due to a sharp rise in expenses, shaky ad revenue growth, and fewer daily U.S. users on its flagship platform.
At the same time, it invested more than $10 billion in its ambitious plan to transform Meta Platforms Inc. into a "metaverse company."
Shares fell more than 26%, lopping off more than $230 billion of the company's market capitalization
