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Late last month, Meta announced its earnings for the first quarter of 2024.

The company reported record revenue of $36.46 billion that narrowly beat Wall Street expectations, but it projected a slowdown

in second quarter revenue, which disappointed its investors. Meta stock dropped 11% following

the company's results, its biggest decrease since October of 2022.

Meta spent a lot of money on the development of artificial intelligence and the Metiverse.

The company's reality labs division, which is of Artificial Intelligence and the Metaverse.

The company's reality labs division, which is developing the Metaverse and its AI efforts,

hosted a $3.8 billion loss for the quarter.

Here's Meta-CFO Susan Lee in April 24th earnings call.

For reality labs, we continue to expect operating losses to increase meaningful year over year

due to our ongoing product development efforts and our investments to further scale

our ecosystem.

This is where the company is now.

It's betting that it's developing the next version of the internet.

And it's an expensive bet. To date, Meta has spent upwards of $50 billion

dollars developing the Metiverse, but it's still an open question whether this

will pay off for the company, its investors, and for CEO Mark Zuckerberg.

To understand why the company took this bet,

we need to go back in time to the moment

...