Building an AI Economy That Includes Everyone
“What we’re seeing is that accessibility-driven design often solves a broader problem. It’s not charity. It’s engineering.”
- Published on December 29, 2022
- In Global Tech
Year in Review: How (Badly) Did Meta Do in 2022?
Investors believe Meta’s larger focus on the Metaverse has distracted it from the core business
- By Pritam Bordoloi
With nearly USD 237 billion wiped out from its valuation in early February, Meta had a rough year in 2022. The moment was historical, albeit, for the wrong reasons. It was the biggest drop in a single-day valuation for a US-based company. Late Show host Stephen Colbert called it ‘karmic retribution’ for all the misinformation prevailing on its social media platforms.
Overall, shares of Meta plunged more than 60% this year. The company was also labelled the worst performer in S&P 500 in 2022 by Forbes. Further, this year, Meta cut costs across its business by downsizing its teams by about 13% and letting over 11,000 employees go, scaling back budgets, reducing perks, and shrinking its real estate footprint.
Investors losing confidence
Meta CEO Mark Zuckerberg’s opti
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Pritam Bordoloi
I have a keen interest in creative writing and artificial intelligence. As a journalist, I deep dive into the world of technology and analyse how it’s restructuring business models and reshaping society.
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