A year after the name change, Meta has seen its market cap drop by more than $763 billion. Faced with this observation, Sam Bankman-Fried took a critical look at Mark Zuckerberg’s strategy.
Sam Bankman-Fried (SBF) gives his opinion on Meta’s strategy
A year later Facebook has rebranded itself as MetaSam Bankman-Fried (SBF), the founder and CEO of FTX, tried to explain Mark Zuckerberg’s politics in a lengthy Twitter thread:
1) Metamark
— SBF (@SBF_FTX) October 29, 2022
He tries to explain why the band took the metaverse’s turn. Part of the explanation, he says, lies in the fact that Facebook has become so large that the social network actually no longer had room for growth. In addition, he notes that the number of active users per month began to stagnate after “two decades of continuous growth“.
So the income of the group could not increase mechanically anymore. They may even decline as users turn to other platforms and Facebook’s public image deteriorates.
As a result, Sam Bankman-Fried does not hesitate to describe Meta’s new workhorse as a distraction to try to revive:
“But another way to improve his reputation is to get people to ‘not like him less’. And one way to do that is to use distractions. !” People don’t think about privacy, bullying and poor stock performance anymore.”
👉 To continue – Learn more about the virtual worlds that make up the metaverse
The platform that simplifies trading
Buy crypto in minutes
Are the billions spent just smoke bombs?
SBF goes even further in its analysis by qualifying the 10 billion investments per year.”smoke bombs that don’t produce much smoke“. It refers to the fact that this no longer convinces investors, now that the initial enthusiasm has passed :
22) Which makes no sense if this is all a distraction.
It’s one thing to blow $10 billion a year in smoke bombs.
It’s another thing to blow $10 billion a year on smoke bombs that don’t produce much smoke.
Why throw good money after bad money?
— SBF (@SBF_FTX) October 29, 2022
It must be said that the metaverse of Meta is struggling to find its audience. A year after this image change, the results of the group are nothing short of catastrophic, with a share price devalue even more than Bitcoin (BTC)delete at the same time more than Capitalization of $763 billion :
Meta share price
Sign of a lack of acceptance, we recently noticed the practices of Meta’s management, which forced the hand of its employees to go to Horizon World.
Since October 28, 2021, Facebook name change date, Meta has taken several actions toward its blockchain shift. Little by little, non-fungible tokens (NFT) are appearing on the group’s social networks and several requests have even been made for the name “Meta Pay”.
It remains to know now whether these various bets will pay off in the long runor if they will accentuate the company’s current difficulties.
👉 On the same topic – Guided by his metaverse? Metaposts are down for the third straight quarter
Join Experts and a Premium Community
PRO
Invest in your crypto knowledge for the next bull run
Source: Trade View
Newsletter 🍞
Receive a summary of crypto news by email every Monday 👌
What you need to know about affiliate links. This page presents assets, products or services related to investments. Some links in this article are affiliates. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to provide you with original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investing in cryptocurrencies is risky. Cryptoast is not responsible for the quality of the products or services presented on this page and cannot be held responsible, directly or indirectly, for any damage or loss caused by the use of any good or service mentioned in this article. Investments related to crypto assets are inherently risky, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with a high return potential entails a high risk. Taking this risk should be in line with your project, your investment horizon, and your ability to lose some of this savings. Do not invest if you are not prepared to lose all or part of your capital.
To continue, please read our Financial Condition, Media Transparency and Legal Notices pages.
At the end of 2018, I timidly discovered the world of blockchain during my quest for financial freedom. Initially moderately invested, it was only two years later that I took the gamble to bet everything on the movement that was taking shape at the time. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent mayor
377 articles