If they can burn a billion dollars on shit everyone else knew was a failure from day 1, they can pay a fucking reasonable tax rate
I guess the idea just didn’t have legs!
Go Valve go. Screw Facebook/Meta, Google, Apple. I want the future of VR to be standard desktop Linux centric. The iOS/Android state of mobile is annoyingly restrictive compared to even Windows let alone desktop/server Linux
Watch Valve put Proton on phones. It’s going to be incredible.
Over $100 billion down the toilet and zuck is still one of the richest people in the world wtf?
The US economy has devolved from an economy where you gain money by making and selling things to an economy where investing in the stock market and then taking out loans on that stock to keep investing is a better way to keep making money. When was the last time someone rich became poor?
That is one of the ways they avoid taxes. They take out loans to pay old loans and to spend on the value of their investments at good rates, and since they never realize income they never pay taxes. I think interest is even tax deductible to a degree.
Bezos in 2020, a year his wealth multiplied obscenely, paid 600 dollars. Less than we did.
As per a couple of propublica articles they published around 2021.
Dang, I pay more in taxes in a single paycheck than bezos did in a year.
The excellent article in question: https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax
100 billion must be in lost market capitalization, not real money, just like tesla is theoretically worth a trillion dollars, no one could recognize that money.
100 billion is a touch higher than I’ve read elsewhere, but evidently they actually spent $77 billion ‘real’ dollars:
https://finance.yahoo.com/news/mark-zuckerberg-threw-77-billion-143014208.html
Good god I figured it must have been wrong as it’s such a large amount of money. I wonder how much of that they borrowed and how much they paid in cash. They might be paying astronomical interest payments on all of that.
Just goes to show how we have all the wrong people in charge in the west, at every level from government to business from the ceo on down to middle managers. Zuck is case and point. Well, as someone else posted, this article about their failure has legs. Unlike his stupid metaverse, that no one seemed even slightly interested in from the start.
Yeah, they bought a modest, niche product with a likely viable business case, and then bet they could make it an everyman’s device for all their socializing and experiencing events like sports and music…
The people that actually wanted the device got to take a back seat to them chasing non-existent markets for it… Their aspirations so impossibly high that a niche device could no longer justify itself against the money spent chasing that non-existant market… So something that should have been for some VR nerds to be happy and sustain the business while the rest of the world shrugs and say ‘I don’t get it’ becomes an ‘Obviously this is a failure of a concept and no one should bother doing this’.
Classic case of yes men-ism. Everyone around zuck tells him he’s the greatest, smartest, infallible. He likely removed anyone from his life that was willing to tell him he was wrong. He is making money hand over fist, and believes it, he’s special, the laser light of all knowledge shines out of his ass, don’t look directly at it or you can go blind. So he gets an idea, tells his people how he thinks everyone could get into it, they all heartily agree, what a great idea zuck!
I bet if anyone did tell him it wasn’t, he fired or removed them from his life, and still hasn’t apologized or made amends about it too, and instead doesn’t hold any sort of grudge against the people that told him he was right despite knowing better and being too craven to tell the truth.
Bruh they definitely spent real money on developers and marketing.
Trillion is the new Billion.
He can afford to do it again and then again again. I guess the idea is to keep gambling in hopes of becoming the dominant comany in a massive industry.
One more piece of bad news for VR
VR is doing fine. It’s a niche hobby for people like myself to feel like you’re inside of a game, movie, or porn. If you’re someone who does work on your own device, you can even work in VR.
The metaverse was a ridiculous idea, that is beaten by VRChat.
true
For some reason, your comment made me think of https://m.imdb.com/title/tt0104692/plotsummary/
I’m sure all the two people that were using it are devastated.
Oh you KNOW I had to be the robot.
I can’t imagine any single company licensing this stuff
I can’t think of many things worse than having to use a VR headset for work.
Palmer Luckey laughing his ass off while playing with his AR battle helmet
Luckey can rot in a shallow grave.
Fuck all of these people.
I’m surprised that they are still trying to beat that dead horse at all. Haven’t they burned billions on it already, without chances of returns?
They made it for work too? TIL.
A ha ha ha ha ha ha, … inhales … Aaa ha ha ha ha ha ha ha
If a company can dump $100B into failed project and still be profitable they have too much money. Jesus, imagine would would happen if this money went to the workers instead…
imagine would would happen if this money went to the workers instead…
where do you think the money went? I imagine a lot of it went to workers salaries…
[sweating profusely] Developers! Developers! Developers! Developers! Developers!
I hope this meme never dies, but I fear it’s already reaching obscurity
I only learned about it 3 weeks ago… trying to keep it alive
I’M DOING MY PART
You’re right, a lot of it probably went to the devs but from what I’m reading the cash burn is so bad because it’s extremely chaotic in there, lot’s of bad decisions, canceled projects, lot’s of directors swapping places. No idea what part of it went to low ranking devs and what went to consultants and building useless prototypes.
My understanding is that Facebook’s culture is very cutthroat. Throw other people under the bus, try to make your rivals’ project fail, do a huge unnecessary refactor to “make a name” for yourself, that sort of stuff.
It’s actually crazy that you can burn $100B in a project that everybody mocked from the beginnings and still be CEO after that while having earned billions in compensation
this is what’s called “holding a controlling interest.”
Hell, it’s fucking insane that we have to earn our bonuses and they still fucking suck yet these people will get millions after fucking it all up. Imagine if a regular worker failed this hard and was like “so where’s my $15,000 Christmas bonus?”
I didn’t fuck up and only got a tenth of that.
You guys are getting Christmas bonuses?
I got a membership to the Jelly of the Month Club.
“where’s the Tylenol?!”
I didn’t fuck up and I always got the “default” $500CAD.
To be fair, my last company didn’t pay anything because… uhm they had a record breaking year but they wanted more and thus it was nearly bankrupting them. Emotionally, I mean.
I didn’t fuck up and they gave me 50$
Some of us only get a membership to the jelly of the month club.
imagine would would happen if this money went to the workers instead
imagine if they used it develop poor countries
Lol at all the companies who got rugpulled again because they trusted Zuck’s promises. Get rekt bozos.
