Mark Zuckerberg Apologizes for $211 Billion Debacle: "I Got It Wrong"

Meta’s founder and CEO Mark Zuckerberg apologized to employees this week while announcing 11,000 layoffs.

The mea culpa comes amid doubts over Meta’s $100 billion investment in pursuing its Metaverse project – an augmented and virtual reality project built on blockchain technology to create a replica of the real world that, theoretically, will be indistinguishable from reality.

But the metaverse project is struggling to attract the widespread interest and momentum it held in the early months of the pandemic. And Meta’s stock has suffered from the meager returns on Zuckerberg’s $100 billion splurge, trading 70% below its share price a year ago.

That selloff represents a $211 billion loss for investors.

It’s very possible that Zuckerberg’s big investment ultimately pays off for Meta. After all, the augmented reality sector is forecast to grow by $364 billion over the next five years. That’s an average annual growth rate of over 52%.

Sure enough, analysts expect Meta stock to hit $155 a share within the next 12 months. That would represent a gain almost identical to the augmented reality sector’s forecasted growth.

But of course, the projected $364 billion augmented reality market will dwarf the size of Meta’s $256 billion market capitalization. What that suggests is simple: this booming sector is more than big enough for multiple players.

The usual suspects – the “FAANG” companies, or Meta, Apple, Amazon, Google, and Netflix – will doubtlessly move to claim a stake in this global trend. But here at Benzinga, we’re tracking a more unique opportunity.

Gameflip is a leading marketplace that uses blockchain technology to allow its users to “flip” their gaming items and assets. Its six million users have already given the company over $140 million in sales.

It has secured over $10 million in funding from numerous venture capitalists, including GoAhead Ventures, Bullpen Capital, PlayNext and LightBank.

As I write, shares are available for $0.50 – with a $250 minimum investment.