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Meta’s metaverse mistake: why Mark Zuckerberg’s big strategic bet is on wobbly legs
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Meta’s metaverse mistake: why Mark Zuckerberg’s big strategic bet is on wobbly legs

By Andrew McCollum

A man wearing a Meta Quest Pro interacts in mixed reality with a 3D virtual drawing of a skateboard; image credit: Meta via Reuters

Synopsis

Some consider the metaverse to be tech’s next big thing. Mark Zuckerberg wanted to dominate it. So, Meta spent USD10 billion to try and develop and, therefore, dictate what Zuckerberg calls the “holy grail” and the “future of the Internet”. But did he err in betting too big too soon?

It’s autumn in Silicon Valley. The leaves are falling off not just the trees but from Meta’s giant dreams.The contrast in the stock price around its last two annual developer conferences, usually held in October, is testimony enough.2021: Facebook renamed itself as Meta, in tune with its ambitions to dominate Metaverse. The company stock traded at USD316.92.2022: The stock tumbled by 24%, and the company is now trading at USD97.74, the lowest

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Andrew McCollum 109721 posts 0 comments