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Meta’s Still Building the Metaverse Despite $47 Billion Loss

Jan 18, 2024 - digitalinformationworld.com
Facebook, now Meta, has reportedly lost an estimated $47 billion since 2019 on its metaverse project, despite CEO Mark Zuckerberg's insistence on its potential. The company's focus on the metaverse has been met with widespread ridicule, particularly after the release of a low-quality image of Zuckerberg's metaverse avatar. Despite AI dominating the tech industry and offering more value for shareholders, Zuckerberg has denied abandoning the metaverse for AI, stating that the company will focus on both.

Nicola Mendelsohn, the head of Meta’s global business group, stated that the company’s vision for the metaverse will take at least a decade to pay off. In the meantime, Meta is expected to continue losing money, although it is also investing in AI. The final version of the metaverse could either exceed expectations or potentially sink the company. Shareholders may soon start questioning Zuckerberg's approach to this costly project.

Key takeaways:

  • Facebook, now Meta, has lost an estimated $47 billion on its metaverse project since its launch in 2019.
  • Despite the losses and ridicule, CEO Mark Zuckerberg is continuing with the metaverse project, while also investing in AI.
  • The company's vision for the metaverse is expected to take at least a decade to pay off, according to Nicola Mendelsohn, the head of Meta’s global business group.
  • Shareholders might soon start to take issue with Zuckerberg's approach to the expensive project, which could either defy all expectations or sink the company.
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