Meta Investors seem unhappy with Zuckerberg planning to pour billions into his metaverse initiative

Many top Meta investors are furious with social media giant CEO Mark Zuckerberg's plan to continue putting billions into his struggling metaverse initiative to skyrocket his metaverse planning without thinking about Meta's shareholders. Because of Zuckerberg's plans for the metaverse as the social media company's stock continues to plunge.

The company has experienced a downfall of nearly 70 percent of its value since Facebook co-founder, Mark Zuckerberg first declared its parent company was changing its name to Meta in a pivot toward targeting developing a metaverse. Last week, Meta shares dropped to 24% after the company missed earnings targets and Mark Zuckerberg declared he has plan to invest billions more in the metaverse project in the coming year. The CEO has already thrown away US$ 15 billion into this metaverse project this year alone. "If any other company had done this you would have activist investors writing letters, proposing alternative slates of directors, asking change," Jim Tierney, chief funding officer for US development at Meta Investors AllianceBernstein, mentioned. He further added "I think Mark Zuckerberg heard crystal clear what investors wanted. He's made his decision."

The anger has spilled over into conferences with the administration, a few of which Mark Zuckerberg has attended since Meta shocked Wall Street with its plan of dumping more money late on Wednesday. "It does seem like there is a sense of frustration" amongst buyers over the corporate's ballooning prices, one individual conversant in the discussions commented. Referring to the collection of casual follow-up calls with buyers after the corporate introduced earnings late on Wednesday, Tierney mentioned "When people had callbacks with Meta they got more disgusted, not less disgusted." 

When asked what will be the future of the metaverse initiative with unhappy Meta investors, a Meta spokesperson said: "The company values the opinions of the investors and always engage with them to ensure we are aware of their respective perspectives."