Mark Zuckerberg lost $13.72 Billion “Thanks” to His Metaverse
However, Meta's quarterly earnings report showed that things aren't as bad for the company as many tech analysts thought, with Meta's stock up 18% since its release. But Reality Labs, the division directly involved in the development of “Zuckerberg's metaverse,” posted a whopping $4.28 billion in Q4 2022 losses, setting a new anti-record for the division fighting for its place in the giant Meta and repeatedly touted as the company's future. By the way, the total losses of divisions involved in the metaverse in 2022 amounted to a staggering $13.72 billion. In the final months of 2022, Reality Labs generated just $727 million in revenue, down 17% from the same period last year. But despite the dire numbers, Meta's management was relatively elated after Wednesday's quarterly earnings announcement as the company beat overall revenue, daily active users, monthly active users and average revenue per user guidance. Mark Zuckerberg already called the upcoming fiscal year on Wednesday's earnings call a “year of efficiency.” Recall that the formally predicted “efficiency” began in November last year, when Zuckerberg announced the dismissal of 11,000 employees of the company.
SBF and CZ Are the Protagonists of the Documentary Saga About FTX
Fortune and production company Unrealistic Ideas have partnered to produce a documentary that follows FTX founder Sam Bankman-Fried (SBF), who was born into a prominent academic family with political connections, and Changpeng Zhao (CZ), whose family fled from China to Canada when he was 12 became two of the most significant figures in the crypto space. “The tumultuous relationship between SBF and CZ has played out to a certain extent in articles and on Twitter, but this definitive documentary will give people a 360-degree personal look at the entire FTX saga.” — Fortune Editor-in-Chief Alison Schontell said. In particular, the picture will tell why CZ was at the epicenter of the dramatic collapse of FTX and at the beginning of November publicly announced plans to liquidate all acquired FTT by Binance, the native tokens of the crypto exchange operated at that time by SBF. It was after this announcement that CZ FTX faced a bank run. Analysts say Zhao's actions were critical to further investigations into FTX's fund management with its subsidiary Alameda Research. By the way, the history of the SBF crypto empire has already formed the basis of several film projects. So Amazon Prime streaming service has already announced the release of an eight-episodes series about the FTX scandals. And writer and financial journalist Michael Lewis, best known for his book The Big Short, spent six months with Sam writing a book before the FTX collapse, which Apple sold the film rights to.
Nobody: “…”; Absolutely Nobody: “…”; Charlie Munger: “Cryptocurrencies Should be Banned”
The vice chairman of multinational holding company Berkshire Hathaway, Charlie Munger, argues in a recent Wall Street Journal op-ed that the U.S. government should enact a federal ban on cryptocurrencies. Munger believes that cryptocurrency is just “a gambling contract,” and completely refuses to recognize digital assets as securities or goods, complaining about the lack of investor protection mechanisms on digital trading platforms and crypto projects. Therefore, the “right hand” of paleo investor Warren Buffett suggests that the US should follow the example of China and ban any transactions with cryptocurrencies. As another example, Munger cites England's response to the depression in the early 1700s. Then, in response to a publicity scam that led to the economic crisis, the English Parliament banned all public trading in new common stock. The ban was in effect for about 100 years, and, according to Munger, during this time England made the largest national contribution to education and the industrial revolution, and also spawned the United States. Munger concludes his article by urging the US authorities to follow the “splendid example of uncommon sense” of the Chinese communist leader and ban cryptocurrencies in order to prevent economic harm to society in the future.