Facebook CEO Mark Zuckerberg’s digital Metaverse is set to lose “significant” amounts of money for the next three to five years according to statements at a recent shareholder meeting.
The announcement comes as Facebook faces significant headwinds, including a recently announced hiring freeze across multiple divisions.that during a recent shareholder meeting, Facebook CEO Mark Zuckerberg said that he plans to heavily invest in the company’s Metaverse, which will mean losing “significant” amounts of money on the project over the next three to five years.
Zuckerberg added that in the meantime, the company is betting on revenue growth from its investment in its Reels short-form video service which is attempting to compete with apps like TikTok.that Facebook is reducing its investments in a number of its products. The company is also enacting a massive hiring freeze and reducing hiring targets in a strategy that will impact “almost every team across the company.
“I can’t sit here and make a permanent ongoing promise that as things shift that we won’t have to reconsider that,” Zuckerberg said. “But what I can tell you is that as of where we sit today, our expectation is not that we’re going to have to do that. And instead, basically what we’re doing is we’re dialing growth to the levels that we think are going to be manageable over time.”
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