The company, previously known as Facebook, has lost a cumulative $47 billion in its Reality Labs division, which includes its VR and metaverse operations, since 2019. CEO Mark Zuckerberg has previously denied a pivot to AI, stating that the company is focusing on both the metaverse and AI. Zuckerberg renamed Facebook as Meta in 2021, declaring it would become a "metaverse company".
Key takeaways:
- Meta, the company formerly known as Facebook, is still investing "significantly" in the metaverse despite nearly $50 billion in losses, according to executive Nicola Mendelsohn.
- Mendelsohn, the head of Meta's global business group, stated it will take a "good decade" to achieve the company's "fully realized vision" of the metaverse.
- Meta has lost a cumulative $47 billion in its Reality Labs division, which includes its VR and metaverse operations, since 2019.
- CEO Mark Zuckerberg has previously stated that the company is not pivoting away from the metaverse, and that it is focusing on both AI and the metaverse.