Metaverse, which is Zuckerberg's long-term VR (virtual reality) bet, has become a money pit for the company. Meta's Q3 2022 financial report revealed that it suffered losses of $3.67 billion from the Reality Labs division. Reality Labs is responsible for the social media behemoth's VR and AR (augmented reality) efforts. The losses widened almost 40 percent from $2.63 billion during the same period a year ago.