Meta 'gets through' with Metaverse plans despite doubts - Zuckerberg
Billions of dollars have been poured into the virtual world of Meta with little return on investment, but CEO Mark Zuckerberg says he hold on.
Event
Meta CEO Mark Zuckerberg still holds out hope for the company's Metaverse plans, no matter how many billions of dollars he sucks from the company, saying "someone has to build this."
Appearing remotely for an interview at the Nov. 30 DealBook Summit in New York City, Zuckerberg was asked if the tech giants' Metaverse game was still viable given its cost and doubts cast over it. the platform, responding:
“I think things look very different on a ten-year horizon compared to where we will be for the next few years [...] I am still completely optimistic about all the things we have been optimistic about."
He added that part of "seeing it through" in the longer term was to "dispel" doubts about his ambitions.
Meta's latest results, released Oct. 26, revealed the largest quarterly loss ever in its Reality Labs metaverse-building arm dating back to the fourth quarter of 2020. Zuckerberg's virtual reality cost $9.44 billion in 2022, approaching the more than 10 billion dollars in losses recorded for 2021.
During the earnings call at the time, Zuckerberg was unimpressed with the cost, calling his metaverse "the next computing platform." He doubled down on this claim at DealBook:
"We're not going to be here in the 2030s communicating and using computing devices that are exactly the same as what we have today, and someone has to build that, invest in it, and believe in it."
However, Zuckerberg admitted the plans came at a cost, Meta had to lay off 11,000 employees on November 9, and the CEO said he had "planned massive investments" including in hardware to support its metaverse.
He said the company "believes the economy and business are going to go in a certain direction" based on positive e-com indicators...
Billions of dollars have been poured into the virtual world of Meta with little return on investment, but CEO Mark Zuckerberg says he hold on.
Event
Meta CEO Mark Zuckerberg still holds out hope for the company's Metaverse plans, no matter how many billions of dollars he sucks from the company, saying "someone has to build this."
Appearing remotely for an interview at the Nov. 30 DealBook Summit in New York City, Zuckerberg was asked if the tech giants' Metaverse game was still viable given its cost and doubts cast over it. the platform, responding:
“I think things look very different on a ten-year horizon compared to where we will be for the next few years [...] I am still completely optimistic about all the things we have been optimistic about."
He added that part of "seeing it through" in the longer term was to "dispel" doubts about his ambitions.
Meta's latest results, released Oct. 26, revealed the largest quarterly loss ever in its Reality Labs metaverse-building arm dating back to the fourth quarter of 2020. Zuckerberg's virtual reality cost $9.44 billion in 2022, approaching the more than 10 billion dollars in losses recorded for 2021.
During the earnings call at the time, Zuckerberg was unimpressed with the cost, calling his metaverse "the next computing platform." He doubled down on this claim at DealBook:
"We're not going to be here in the 2030s communicating and using computing devices that are exactly the same as what we have today, and someone has to build that, invest in it, and believe in it."
However, Zuckerberg admitted the plans came at a cost, Meta had to lay off 11,000 employees on November 9, and the CEO said he had "planned massive investments" including in hardware to support its metaverse.
He said the company "believes the economy and business are going to go in a certain direction" based on positive e-com indicators...
What's Your Reaction?
