Meta ranked worst performer of S&P 500 for 2022

Yahoo Finance Live's Rachelle Akuffo and Seana Smith discuss Meta's new ranking in the S&P 500.

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- Well, markets finished the week on an upbeat note. The Dow did snap a four week winning streak. But tech still cannot catch a break. Shares of Facebook parent company Meta down more than 73% this year, making it the worst performer in the S&P 500. And Rachelle, we just were talking to Michael Wolfe last hour. And he was telling us that the company made the phrase metaverse completely cringeworthy. And we see that reflected in the stock price. We know Meta has lost billions on their VR and AR initiatives. $9.4 billion so far this year. And those losses, they're expected to continue to grow.

- I feel like ever since they changed the name from Facebook to Meta, it really has been something of a curse for them. Obviously, they struggled with the Apple privacy laws affecting their revenue there. And, really, people are still waiting for Meta to get off the ground. Most people either don't know what it is, aren't really understanding the real world use of it beyond things like occasional gaming, which is what Michael Wolfe was saying. Nobody wants to be stuck in a VR world for more than 1/2 an hour at a time. So I think this is going to be a long haul. Some people are estimating maybe 10 years before there'd be more widespread adoption. I don't know if investors are willing to wait that long.

-No.