Mark Zuckerberg’s VR Metaverse Project Failing Spectacularly, Bringing Entire Company Down

Elvis Dunderhoff October 27, 2022


All of the various “Second Life” type video games failed.

VR sets are expensive and they make you ill.

Why did anyone think “Metaverse” was a good idea?

Reuters:

Wall Street is losing patience over Meta boss Mark Zuckerberg’s enormous and experimental bets on his metaverse project that helped drive up the company’s overall costs by a fifth in the third quarter.

Investors rushed to dump Meta Platforms Inc’s stock after hours, pushing it down 20% and wiping $67 billion off its market value after the company posted its fourth straight decline in quarterly profit.

The Facebook-parent said its overall expenses could rise as much as 16% next year and anticipates that operating losses at Reality Labs – the unit responsible for bringing the metaverse to life – “will grow significantly” next year.

One Meta shareholder had recently voiced concerns calling the company’s investments “super-sized and terrifying”. Analysts on Wednesday called them “confusing and confounding” and Meta’s inability to cut costs “extremely disturbing”.

On a post-earnings conference call, Jefferies analyst Brent Thill asked executives: “I think kind of summing up how investors are feeling right now is that there are just too many experimental bets versus proven bets on the core … I think everyone would love to hear why you think this pays off.”

In the July-September quarter, losses at Reality Labs ballooned to a whopping $3.67 billion from $2.63 billion a year earlier. Revenue nearly halved.

“It would be a mistake for us to not focus on any of these areas that will be fundamentally important to our future,” Zuckerberg said on the call.

“I know that sometimes when we ship a product … people say: ‘Hey, you’re spending all this money, and you’ve produced this thing,’ and I think that’s not really the right way to think about it.”

“…we’re doing leading work that will become … eventually mature products at different cadences in different periods of time over the next five to 10 years.”

He spoke about the company’s various efforts, including a recently unveiled virtual and mixed reality headset called Quest Pro that is priced at $1,500 and a social metaverse platform where people can express themselves via avatars.

He said Meta is investing in two other areas: augmented reality and neural interfaces.

Yeah. Presumably, the plan was some kind of literal Matrix type thing made to tie in with the “neural interface” brain chips that are being developed.

But it would have been easy to develop this and keep it on the back burner, rather than putting it front and center and blowing all of this capital on it. That was just stupid.

It was a retarded business move.

We may actually see the fall of Facebook. Zuckerberg has failed at literally every point he needed to innovate. His only successes, other than stealing Facebook and launching it in the first place, was buying out other companies. He actually managed to destroy many companies he bought, but there was success with Instagram and WhatsApp. He basically destroyed the latter. Aside from failing to innovate at all to compete with Telegram, he for whatever reason announced that he was going to start reading everyone’s messages. I have talked to normies who say they stopped using it over privacy concerns.

Elon Musk is planning on making Twitter a much bigger project than it currently is. Musk is also working on a brain chip, but he didn’t do something stupid like launch a VR world.

The big question now is: will Facebook get a government bailout?

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