Meta Platforms (NASDAQ: META) has built what is indisputably one of the world’s most successful businesses, but that doesn’t mean there haven’t been flops along the way. Meta’s most notable miscalculation was its full-blown “metaverse” push back in 2021.
Founder Mark Zuckerberg envisioned a world where people would communicate in avatar-centric virtual environments, eventually replacing smartphones. This caused the company to change its name to Meta from Facebook in October 2021. From then until the end of 2022, Meta shares lost approximately 62% of their value.
