Meta’s troubles arguably started when Mark Zuckerberg decided to heavily invest in the “Metaverse,” which is his idea of how the internet will look in the future. The Metaverse is centered around VR, and if the Facebook founder’s plans are realized, people will use it to work, socialize, and play. However, Reality Labs — which is the department of Meta that is developing the “Metaverse” — is losing billions of dollars each year. There’s also a suggestion that Zuckerberg is pulling resources and staff from Meta’s more profitable departments and focusing them on his Metaverse project.
While it’s fairly obvious that Zuckerberg believes the Metaverse is the future, not everyone is as enthusiastic. Facebook shares have tanked over the past year, with many highlighting Zuckerberg’s Metaverse push as one of the key factors causing investors to shy away. Even Meta’s staff doesn’t seem too keen on the idea of working in the Metaverse. Reports recently emerged that managers were being forced to conduct meetings in Horizon Workrooms, Meta’s main VR work app.
However, many of the staff being asked to attend these meetings didn’t even own one of the company’s popular Quest 2 headsets, and some that did reportedly hadn’t bothered taking the head-mounted displays out of the box. Despite the skepticism, it is easy to see Zuckerberg’s point. If the Metaverse really is the future, he’s aiming to make his company the main player. If Meta were to get a cut of most of the transactions that are made in the future digital universe, it would be one of the greatest business moves in history. Unfortunately for Zuckerberg, there’s also a possibility his company may not manage to keep pace with his plans.
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