Zuckerberg Isn’t Giving Up on His Metaverse Dream
Meta can focus on a product consumers want (smart glasses) instead of one they don’t (Quest headsets).
Photographer: David Paul Morris/Bloomberg
A sense of smug satisfaction wafts across the internet whenever a report indicates Mark Zuckerberg’s metaverse vision is in trouble. So it was last week when my colleague Kurt Wagner broke the news the Meta Platforms Inc. was planning cuts of up to 30% in the Reality Labs division that handles the experimental technology.
“Finally,” offered Henry Blodget, a man who made his name hyping doomed dot-com stocks. “Points for trying. Now on to other things.” The Wall Street Journal called it a “pivot” away from a “yearslong vision.” Investors cheered. “The potential cost cuts could somewhat offset the historic spend to build out Meta’s AI infrastructure,” TD Securities analysts wrote, estimating cost savings of $5 billion to $6 billion. Meta shares closed the week up almost 4%.