- Mark Zuckerberg took a shot at those who doubt his metaverse investment.
- “People are going to look back decades from now” and discuss the project’s importance, he said.
- Meta has reported nearly $20 billion in losses since last year from to its metaverse project, more than the GDP of many countries.
Meta CEO Mark Zuckerberg took a shot at those who doubt his multi-billion dollar metaverse investment, saying that “people are going to look back decades from now” and discuss the project’s importance.
Zuckerberg, who just over one year ago announced that his company would rebrand from Facebook to Meta and focus its investments into the metaverse, has faced backlash from the pivot as advertisers begin to pull back spending amid an economic slowdown.
“I get that a lot of people might disagree with this investment, but… I think it would be a mistake not to focus on any of these areas which I think are going to be fundamentally important to the future,” he said on a quarterly earnings call with investors and reporters.
“I think it’s some of the most historic work that we’re doing. I think people are going to look back on decades from now and talk about the importance of the work that was done here,” he added.
So far, Meta’s metaverse investment, which it calls ‘Reality Labs,’ has reported losses greater than the GDP of many small countries. As of the third quarter, Reality Labs has reported just shy of $20 billion in losses since the start of last year.
The massive investment has led at least one prominent investor in Meta to question the direction that Zuckerberg has led the company.
On Monday, Brad Gerstner, CEO of Altimeter Capital, published an open letter to Zuckerberg and Meta’s board of directors pleading with the company to stem its Reality Labs-related losses and focus on its core, profit-generating businesses.
Zuckerberg had a message for such investors feeling discomfort: “I think those who are patient and invest with us will end up being rewarded.”