Meta's metaverse project will lose significant amounts of money over the next three to five years according to CEO Mark Zuckerberg.
His comments came in response to a shareholder question about return on investment.
Meta's products for an embodied internet are not likely to be viable for 10 to 15 years, according to its board.
We want to get the hardware to be as affordable as possible for everyone, and make sure the digital economy grows.
Meta spent $10 billion on designing its metaverse in the year 2020. It wants to hire 10,000 more people to work on the project.
Meta imposed a hiring freeze in early May in anticipation of an economic downturn.
Eventually, the metaverse would become a platform for businesses and creators to sell virtual products and services.
Twelve shareholder proposals were rejected at the meeting. There is still a controlling stake in Meta held by the man.
One called for a shareholder vote on whether the continued implementation of the metaverse was appropriate.
Insider reported in April that former and current Facebook employees said that the project he regards as the future of the internet lacks a coherent strategy and that he is interested in little except the metaverse.
Changes to Meta's use of concealment clauses in employment contracts related to harassment and discrimination, the publication of an independent human rights impact assessment, and full disclosure of its lobbying and public policy activity were some of the proposals.
All Rights Reserved © 2024
