The parent company of both Instagram & Facebook is losing tons of money.<br />I mean they were a trillion-dollar company not to long ago, but currently they’re worth around $300 billion.<br />Of course, that is still a stupidly high amount, but just to be clear they lost over 700 billion dollars in the past year.<br />And with them bleeding money like crazy the CEO Mark Zuckerberg’s now firing 11,000 employees.<br />Meta says this is due to spending a lot on VR & the Metaverse which is very unprofitable, not to mention them also losing tons of advertising money due to Apple & various new laws…<br />And of course, TikTok taking away a lot of the eyeballs from Instagram.<br />And I mean the company was also probably incredibly overvalued to begin with.<br />And if you enjoy the tech news on the daily, be sure to follow this channel.<br /><br /><br />0:00 Summary<br />0:50 Extra thoughts<br /><br />Subscribe for more of the tech news (with an extra dose of me) :33<br />TikTok: <a href="https://www.tiktok.com/@domenstechnews" target="_blank" rel="nofollow">https://www.tiktok.com/@domenstechnews</a><br /><br /><br />#tech <br />#technology #technews #news<br />...<br /><a href="https://www.youtube.com/watch?v=8m9TXp4Ovyg" target="_blank" rel="nofollow">https://www.youtube.com/watch?v=8m9TXp4Ovyg</a>