Mark Zuckerberg, CEO Of Meta, Is Still "Long-Term Optimistic" About Metaverse

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Mark Zuckerberg, CEO Of Meta, Is Still "Long-Term Optimistic" About Metaverse
01 Dec 2022
5 min read

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News Synopsis

At the New York Times DealBook Summit in New York City on Wednesday, CEO of Meta Platforms (META) Mark Zuckerberg expressed "long-term optimistic for the metaverse over a longer, "five-to-ten-year horizon."

Zuckerberg reiterated his company's bet on a future dominated by virtual and augmented reality in a virtual interview, saying, "The way we communicate gets richer and more immersive,”  The company has faced criticism for incurring losses of billions of dollars as it develops its version of the metaverse.

However, due to macroeconomic challenges that have forced the company to cut back on spending, Zuckerberg said that Meta would need to operate with “more efficiency and discipline”  in the near future.

Facebook, Instagram, WhatsApp, and other legacy social media platforms are where Meta spends 80% of its time, according to Zuckerberg. The rest of the time is used to create metaverse-related hardware and software.

Virtual reality, augmented reality, and social platforms are the three main categories of projects that Meta's Reality Labs focuses on researching and developing for the metaverse.

The billionaire CEO stated he is unconcerned about those who disagree with his company's bet on the metaverse, asserting that a lack of opposition usually indicates that a concept is not bold enough. I'm not very bothered by scepticism,  “We’ve had doubters the whole time.”Zuckerberg remarked.

The American international technological corporation Meta Platforms, Inc., doing business as Meta and formerly known as Facebook, Inc. and TheFacebook, Inc., is situated in Menlo Park, California. The company, among other products and services, owns Facebook, Instagram, and WhatsApp.

TWN Tech Beat