There will be no press release, no big announcement, as he would have to acknowledge that he was wrong.
But make no mistake: Mark Zuckerberg just buried the metaverse. The metaverse is dead.
The metaverse was supposed to be the Next Big Thing for the social-media tycoon, who in 2021 went so far as to rename his empire — created from Facebook, Instagram and WhatsApp — as Meta Platforms.
Simply put, the metaverse is an immersive virtual world in which we are supposed to interact with each other using specialized glasses and virtual-reality headsets.
It was the future of technology, according to Zuckerberg, whom Tesla CEO Elon Musk dubbed “Zuck the Fourteenth” in an apparent nod to the French king Louis the XIV, famous for his hubris and excess.
Meta Creates a Top-Level AI Team
For those who doubted the company’s devotion to the idea, Meta has invested billions of dollars in this massively hyped project — to the chagrin of company shareholders.
In 2021 and 2022, Reality Labs, the division housing metaverse projects, recorded a cumulative loss of nearly $24 billion, including $13.7 billion just last year.
The losses will ease significantly in coming months because the metaverse is over.