Mark Zuckerberg says his metaverse will lose significant money in the near term

Published: May 27, 2022
Updated: May 27, 2022
Mark Zuckerberg's metaverse will lose money soon

Mark Zuckerberg’s metaverse will lose money soon.

Mark Zuckerberg told shareholders that building the metaverse will be a three- to five-year financial drain. Some goods won’t be ready for 15 years, according to the Meta CEO, who spoke at the company’s annual meeting.

In 2021, the Facebook founder spent $10 billion on the concept of an immersive virtual world. CEO Mark Zuckerberg informed shareholders on Wednesday that Meta’s metaverse project will lose “substantial” money over the next three to five years.

At the Facebook owner’s annual meeting on Wednesday, he responded to a shareholder’s query on return on investment. According to Meta’s board, many of its products for an “embodied internet,” in which users are immersed in a virtual world, are unlikely to be sustainable for another 10 to 15 years.

According to Bloomberg, Zuckerberg told shareholders, “We want to get the hardware to be as accessible as possible for everyone, and make sure the digital economy flourishes.”

Meta spent $10 billion on designing its metaverse in 2021 alone. It currently has 10,000 employees working on Zuckerberg’s vision and plans to hire an additional 10,000.

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Those intentions, however, are likely to be put on hold when Meta puts a hiring freeze in place in early May in anticipation of a slowing economy.

Mark Zuckerberg's metaverse will lose money soon

The metaverse would eventually generate cash by serving as a marketplace for creators and corporations to offer virtual goods and services. Twelve shareholder proposals were rejected at the meeting on Wednesday. Zuckerberg still owns a significant portion of Meta.

One suggested that Meta commission a report and organize a shareholder vote on whether the metaverse’s “continued rollout” was “prudent and appropriate.”

In April, former and current Facebook employees said that Zuckerberg is only interested in the metaverse and has a coherent strategy for the project he sees as the internet’s future.

Changes to Meta’s use of harassment and discrimination concealment clauses in employment contracts, the publication of an independent human rights impact assessment, and full exposure of its lobbying and public policy engagement were among the other demands.

Those intentions, however, are likely to be put on hold when Meta put a hiring freeze in place in early May in anticipation of a slowing economy.

The metaverse would eventually generate cash by serving as a marketplace for creators and corporations to offer virtual goods and services.

Twelve shareholder proposals were rejected at the meeting on Wednesday. Zuckerberg still owns a significant portion of Meta. One suggested that Meta commission a report and organize a shareholder vote on whether the metaverse’s “continued rollout” was “prudent and appropriate.”

In April, former and current Facebook employees said that Zuckerberg is only interested in the metaverse and has a coherent strategy for the project he sees as the internet’s future.

Changes to Meta’s use of harassment and discrimination concealment clauses in employment contracts, the publication of an independent human rights impact assessment, and full exposure of its lobbying and public policy engagement were among the other demands.

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