Mark Zuckerberg Continues To Be Optimistic About The Metaverse

Meta CEO Mark Zuckerberg remains hopeful about the company’s Metaverse plans despite the disappointments it brings to the company.

During the DealBook Summit held by the New York Times yesterday, Zuckerberg said he remains optimistic about the metaverse horizon ten years from now. He said:

“I think things look very different on a ten-year time horizon than the zone that we’re in for the next few years… I’m still completely optimistic about all the things that we’ve been optimistic about.”

He noted that part of carrying things through in the long run was overcoming misgivings about its aspirations.

Mark Zuckerberg’s company has poured billions of dollars into its Reality Labs section, which is in charge of those V.R. and A.R. activities, and changed its name from Facebook to Meta in the last two years.

Nonetheless, he stated that Reality Labs’ spending accounts for barely 20% of the company’s investment portfolio.

Mark Zuckerberg admitted, as he did earlier this month when he addressed employees about companywide layoffs, that he missed the shifting economic downturns and that his big investments in the metaverse are now being followed by the difficult decision to downsize.

However, the Facebook boss affirmed that he was still undeterred or faltered by the wave of criticism from the public, firmly believing that no objection is often an unambitious idea.

“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 and invest in it and believe in it.”

However, Mark Zuckerberg recognized that his ambitions had a cost. On November 9, Meta had to lay off 11,000 staff, and the CEO stated that the company had “planned out massive investments,” including hardware to support its metaverse.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.