Shares of Facebook’s parent company Meta Platforms fell 26% on Thursday. The drop came after reporting disappointing earnings and a decline in daily active users. That was the biggest one-day drop in the market value of a U.S. company.
Meta changed its name from Facebook in late 2021 to signal its focus on Metaverse. Its struggles have coincided with double-digit percentage growth at its decentralized rivals—the Sandbox and Decentraland.
Meta reported a total revenue of $33.67 billion in Q4 of 2021, compared to $28 billion in 2020. However, its net income fell to $10.28 billion from $11.2 billion 12 months earlier.
Meta disclosed a segment for the first time in an earnings report for its virtual and augmented reality R&D business, Reality Labs. According to the report, It lost more than $10 billion, up from $6.6 billion in 2020.
However, these are only the early stages of laying the groundwork for virtual world technology, including developing a haptic glove that allows users to “touch” objects in the virtual world.
According to the chairman and co-founder of Animoca Brands, the sharp drop in Meta’s share price might represent a broader trend. Users start questioning the centralized Web2 model.
The price of Decentraland token MANA has rallied by more than 20% over the past seven days. It surged from a low of $2.19 to a recent support level of around $2.60.
Coinbase Users Will Get U.S. Tax Refunds In Cryptocurrency
Coinbase and tax filling platform TurboTax have signed an agreement. As a result, TurboTax will allow U.S. filers to receive refunds directly in cryptocurrency.
Recently, Coinbase announced that users filing tax returns using TurboTax could choose to receive any returns in Bitcoin and other cryptocurrencies supported by the platform.
Users can send funds to their Coinbase accounts in fiat currency. Users can also automatically convert them to cryptocurrency without paying transaction fees.
A New York Times report said Coinbase’s proposal applies to state and federal income taxes.
The cryptocurrency exchange previously partnered with tax calculation platform CoinTracker to fill out forms for users to declare capital gains and losses on their returns.
The deadline for U.S. residents to file taxes is April 18. Many platforms are stepping up to offer services to browse the necessary forms to avoid possible audits.
In January, Crypto tax compliance firm TaxBit announced that it was launching a network of U.S.-based crypto companies to provide users with tax reporting data.
Moreover, under current U.S. law, the exchange, purchase, or sale of cryptocurrencies is a taxable event. It may be subject to a 20% capital gains tax. Holding assets for an entire year or longer is essentially tax-free.
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