Facebook Networth: How Much Money Does FB Spend on Metaverse?
The American company Meta Platforms owns Facebook, an online social media and networking service. Facebook was started in 2004 by Mark Zuckerberg, Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, and Chris Hughes, who were all Harvard College students and roommates. The name of the company comes from the face book directories that are often given to American college students.
At first, only Harvard students could join. Over time, other North American universities joined, and since 2006, anyone over 13 can join. As of July 2022, Facebook had 2.93 billion active users every month and was the third most visited website in the world. It was the app that people downloaded the most in the 2010s.
According to Celebrity Net Worth, Facebook is an American company that makes technology for social networking. It has a market cap of $527 billion and a net worth of the same amount. Mark Zuckerberg started Facebook in 2004 while he was a student at Harvard University.
Since then, it has grown to have more than 900 million users. People can make personal profiles on Facebook.com and then upload photos, share news stories, stay in touch with friends, and do a lot more. Before May 2012, the company wasn’t open to the public. Facebook hoped to get $10.6 billion from the IPO by selling 337 million shares for between $28 and $35 each.
During the IPO, it was expected that a number of well-known Facebook insiders would sell a lot of shares. Mark Zuckerberg, who is the CEO of Facebook, sold 30.2 million shares and made $1.057 billion. He will still own more than 500 million shares that he won’t sell in the IPO. This gives him a net worth of about $16 billion.
Founder of Facebook
Mark Zuckerberg, Chris Hughes, Eduardo Saverin, and Dustin Moskovitz started Facebook together in 2004 when they were all students at Harvard University. Mark Zuckerberg is the CEO now, and he is worth $117 billion on his own. Saverin moved to Singapore, where he runs a company that invests in new businesses.
Moskovitz started Asana, which is now worth $23 billion on the market. Chris Hughes has mostly stayed out of the spotlight, so there isn’t much information about what he is doing right now.
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The Top 10 Shareholders in Facebook
The people who made Facebook are some of its biggest shareholders, and financial institutions are next. Here are the top 10:
- Vanguard Group Inc., 7.92%
- Blackrock Inc., 6.75%
- FMR (Fidelity), 5.51%
- T.Rowe Price, 4.20%
- State Street Corporation, 4.00%
- Capital International Investors, 2.12%
- Capital World Investors, 2.00%
- Capital Research Global Investors, 1.75%
- Geode Capital Management, LLC, 1.72%
- Norges Bank Investment Management, 1.27%
How Much Facebook Spent on Metaverse
Meta’s metaverse project will lose “significant” amounts of money over the next three to five years, CEO Mark Zuckerberg told shareholders on Wednesday, according to Bloomberg. At the annual meeting of Facebook owners on Wednesday, he said this in response to a shareholder’s question about return on investment.
The board of Meta says that many of its products for an “embodied internet,” in which users would be completely immersed in a virtual world, are unlikely to be useful for 10 to 15 years. Bloomberg reported that Zuckerberg told shareholders, “We want to make the hardware as cheap as possible for everyone, and we want to make sure the digital economy grows.”
Meta spent $10 billion on designing its metaverse in 2021 alone. It already has 10,000 people working on Zuckerberg’s plan, and it wants to hire another 10,000 people to do the same thing.
Rapid Growth of Facebook
In 2003, while he was going to Harvard University, Zuckerberg made a website called “Facemash.” The site was similar to Hot or Not and used “photos compiled from the online Facebook of nine Houses, putting two next to each other and asking users to choose the “hotter” person.” In its first four hours, Facemash had 450 users and 22,000 photo views.
Julie Zhuo was hired as Facebook’s first intern in May 2006. After a month, Zhuo got a full-time job as an engineer. On September 26, 2006, anyone over 13 with a valid email address could join Facebook. By the end of 2007, companies had set up 100,000 pages on Facebook to market themselves.
In May 2009, the first organization pages went live. On October 24, 2007, Microsoft said that it had bought a 1.6% share of Facebook for $240 million. This gave Facebook an estimated total value of around $15 billion. In March 2012, Facebook announced App Center, a store that sells website-based apps. The store was supposed to work on iPhones, Android phones, and the mobile web.
On April 12, 2016, Zuckerberg talked about his 10-year plan. It was built on three main pillars: artificial intelligence, more connections between people around the world, and virtual and augmented reality. In July, a $1 billion lawsuit was filed against the company, saying that it let Hamas use it in attacks that killed four people.
Under an open-source license, Facebook put the plans for its Surround 360 camera on GitHub. It won an Emmy in September for its animated short “Henry.” Facebook said that on November 2, 2021, it would turn off its facial recognition technology and delete the information of more than a billion users.
Awards and Successes
Facebook has won a lot of awards and has been praised by many people over the years. Facebook is thought to be one of the most important new businesses ever, and Mark Zuckerberg became the youngest billionaire because of it.
Facebook won the People’s Voice Award in 2008, and from 2008 to 2010, it also won “Best Overall Startup or Product” from Crunchie three times.
Frequently Asked Questions
How Much Does Facebook Have in Total?
Facebook is worth about $527 billion altogether.
When Did Facebook Start?
Facebook was started in the United States in February 2004 in Cambridge, Massachusetts.
Who Came Up With the Idea for Facebook?
Mark Zuckerberg, Eduardo Saverin, Andrew McCollum, Chris Hughes, and Dustin Moskovitz are the people who came up with the idea for Facebook.
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