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“I don’t mind the skepticism of public opinion,” CEO Mark Zuckerberg said at the DealBook Conference on 11/30.
During the DealBook conference hosted by the New York Times yesterday, Facebook’s parent company CEO Mark Zuckerberg said he remained optimistic about the “metaverse horizon five to ten years from now.”
. @andrewrsorkin, a New York Times columnist, will interview Treasury Secretary Janet Yellen, President Volodymyr Zelensky of Ukraine, Mark Zuckerberg and Sam Bankman-Fried, the former head of FTX, at the @dealbook summit.
Follow live. https://t.co/a2mKZgUGPI — The New York Times (@nytimes) November 30, 2022
The tech billionaire has doubled down on the metaverse since deciding to change the company’s name in October 2021. Since then, the company has continuously lost heavily, the losses generated by the metaverse business division were $ 3 billion (Q1), $ 2.8 billion (Q2) and $ 3.7 billion (Q3), respectively.
Zuckerberg acknowledged Meta needs to operate with “more efficiency and discipline” in the near term as macroeconomic difficulties have forced the company to scale back spending. The social media giant recently decided to cut 11,000 employees, equivalent to 13% of the global total.
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According to Zuckerberg, Meta devotes 80% of its resources to developing a legacy set of social applications including Instagram, Facebook, WhatsApp… The rest of the time is spent studying metaverse hardware and software. In particular, the Reality Labs division is in charge of projects related to the metaverse, with three large groups: virtual reality, augmented reality and social platforms.
However, the Facebook boss insists that he has not flinched or balked at the wave of criticism from the public, believing that “not encountering opposition is often an ambitious enough idea”.
But admittedly, the current market is too harsh after the fierce FTX disaster and it is difficult to recover overnight. At the same time, Kraken terminated the employment contracts of 1,100 employees.
