Barry Diller said something is quite odd.
The billionaire questioned whether the focus on tech that doesn't yet exist was a good idea.
Since the Facebook founder changed its name, Meta's value has plummeted.
Barry Diller had a lot of bad things to say about Mark Zuckerberg.
The founder of IAC, an internet and media conglomerate, said he has great respect for Zuckerberg, but questioned the Facebook founder's decision to pivot towards the metaverse.
According to Forbes' World's Billionaires List, the 80 year old is worth about $3.8 billion.
"If you change the name of your company to something that doesn't exist to bury what does wildly exist successfully, something is quite odd in that," he said.
A person for Meta didn't respond to a request for comment.
After changing the name of Facebook's parent company to Meta last year, Facebook has a new vision of creating a world where people connect in a digital universe. One day the metaverse will be the way that people interact with the world, according to the Facebook founder.
Critics say the technology is not there yet. They shied away from the term. Many users have taken to social media to mock Meta's poor graphics because of the lack of legs for theavatars in the world.
Since the announcement of the name change, Meta's value has plummeted as the company has lost 70% of its value. Some investors were left reeling after Meta shares plummeted after the company missed earnings targets and after Facebook said it would spend billions more on the metaverse project.
If he stuck to his original vision, he'd find more success.
"If he just paid attention to his basic businesses, I think he's doing okay," he said. Those businesses are very good. They're really good. He thinks that if TikTok is banned in the US, it will be a huge blow to Facebook.
Republican lawmakers have been working in recent months to revive former President Donald Trump's bid to ban TikTok due to fears that US data is going to the Chinese government. The Council on Foreign Investment in the US should ban the app because it is owned by a Chinese media company.
The popular video-app has been copied by Facebook. He referred to TikTok as a very effective competitor.
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