$META's Reality Labs just burned another $4.1B in Q3. That's $92B in cumulative losses since 2020.
Let me put this in perspective: we've literally never seen a public company incinerate cash at this scale. Not even close.
Zuckerberg is betting the entire company on a vision that may or may not materialize. This isn't R&D. This is a moon shot funded by Instagram and Facebook ad revenue.
The market is giving him a pass because the core business prints money. But $92 billion? That's more than most companies are worth.
Either this becomes the next computing platform and he looks like a genius, or it becomes the most expensive corporate vanity project in history.
No middle ground here. And the clock is ticking.
Let me put this in perspective: we've literally never seen a public company incinerate cash at this scale. Not even close.
Zuckerberg is betting the entire company on a vision that may or may not materialize. This isn't R&D. This is a moon shot funded by Instagram and Facebook ad revenue.
The market is giving him a pass because the core business prints money. But $92 billion? That's more than most companies are worth.
Either this becomes the next computing platform and he looks like a genius, or it becomes the most expensive corporate vanity project in history.
No middle ground here. And the clock is ticking.