According to Bloomberg, Mark Zuckerberg notified shareholders on Wednesday that Meta’s metaverse project would face “significant” losses over the next three to five years.
Wednesday at Facebook’s annual meeting, he answered to a shareholder’s question on return on investment.
According to Meta’s board, it is doubtful that many of its products for a “embodied internet” in which users are immersed in a virtual world would be viable in 10 to 15 years.
According to Bloomberg, Zuckerberg told shareholders,”We want to get the hardware to be as affordable as possible for everyone, and make sure the digital economy grows,”
In 2021 alone, Meta invested $10 billion to create its metaverse. It now has 10,000 individuals working towards Zuckerberg’s objective and wants to recruit another 10,000.
These plans were presumably put on hold, however, when Meta announced a hiring ban at the beginning of May in anticipation of an economic slump.
Eventually, the metaverse would generate revenue by functioning as a marketplace for artists and businesses to sell virtual products and services.
Wednesday’s shareholder meeting resulted in the rejection of twelve proposals. Zuckerberg still owns the majority of Meta.
One recommended that Meta conduct a study and arrange a shareholder vote to determine whether the “continuing deployment” of the metaverse was “prudent and appropriate.”
Former and current Facebook employees told Insider in April that Zuckerberg is primarily interested in the metaverse and lacks a coherent strategy for the future internet project he envisions.
Among the other recommendations were modifications to Meta’s use of concealment clauses in employee contracts connected to harassment and discrimination, the publication of an independent human rights impact assessment, and complete disclosure of its lobbying and public policy activities.
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