Mark Zuckerberg’s Metaverse meltdown: Meta’s Reality Labs has lost $21 billion in roughly 18 months

(Credit: David Paul Morris—Bloomberg/Getty Images)

Virtual reality and the metaverse continue to be a financial sinkhole for Meta.

In the social media company’s second-quarter earnings, it reported its Reality Labs unit, which oversees the VR and AR (augmented reality) technologies that go hand in hand with the metaverse, lost $3.7 billion.