This fellow has wasted $60B of investor money on this "metaverse" toy of his and never brought anything worthwhile to market.

I am no CEO but even I had predicted that this wouldn't amount to anything. Supposedly everyone puts on his weirdo glasses all the time and have "experiences" with people in different places. I assume he meant once you wore the glasses, you became like a cartoon character and could meet in the "metaverse" that he created and controlled.

hahahahhahahah

Now he got bored of the metaverse and is on his new toy called AI with "Superintelligence". He hired some AI nerds for $100M and created a super team. But that is imploding with the $10M guy is angry that someone got $100M and he didn't.

Just sit back and enjoy the clown-show unfolding.

Meta to cut up to 30% of Metaverse budget, Bloomberg News reports
https://www.streetinsider.com/Reuters/Meta+to+cut+up+to+30%25+of+Metaverse+budget%2C+Bloomberg+News+reports/25699479.html

Quote:

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Dec 4 (Reuters) - Meta is expected to make up to 30% budget cuts for its Metaverse initiative, Bloomberg News reported on Thursday, citing people familiar with the discussion.
The Facebook-parent, whose shares rose more than 6% in premarket trading, did not immediately respond to a Reuters request for comment.

Meta has been investing heavily in AI products and metaverse - a shared virtual environment that it bets will be the successor to the mobile internet.

The company's augmented-reality unit has burned more than $60 billion since 2020.

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Here's Zuck.

Company is worth 1.7T and is up 3.5% today…

What's to laugh about? I'm no Zuck fan, but the guy isn't stupid. Sometimes ideas don't work. How much did Apple dump into the Apple Car before they gave up? How much money has been wasted on EV factories that are being converted back to combustion?

Failed ideas isn't new to innovation.

Metaverse is ass my dude.

The EV example is not quite comparable. Those were mostly reasonable auto execs reacting to government idiocy. Trump removed the artificial justification for EVs and the demand dropped to reflect how many people really want them based on more normal market forces.

They couldn't ever get enough people to adopt VR. It's... fine... for some stuff, but mostly it's been a failure, requires too much weight, heat and power to use comfortably. AR is a significantly more promising use for the immediate future.

They thought the Metaverse was going to be the OASIS from Ready Player One.

Gaeilge said:

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Company is worth 1.7T and is up 3.5% today…

What's to laugh about? I'm no Zuck fan, but the guy isn't stupid. Sometimes ideas don't work. How much did Apple dump into the Apple Car before they gave up? How much money has been wasted on EV factories that are being converted back to combustion?

Failed ideas isn't new to innovation.

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The market is up today because he jettisoned that bad metaverse idea and the market knows that he will quietly close it down and stop wasting money on it. Like Google shut down its bad Google Plus competitor to Facebook after making the company all about Google Plus.

If not for metaverse, the company might have been up $2.5T.

Pretending that people would walk around wearing those goofy glasses all day itself is a stupid idea. It's a novelty, nothing more. Good for gaming and for occasional 3d type meetings. No one is going to "live" in the metaverse. If nothing else, it is unhealthy physically and mentally.

infinity ag said:

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Gaeilge said:

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Company is worth 1.7T and is up 3.5% today…

What's to laugh about? I'm no Zuck fan, but the guy isn't stupid. Sometimes ideas don't work. How much did Apple dump into the Apple Car before they gave up? How much money has been wasted on EV factories that are being converted back to combustion?

Failed ideas isn't new to innovation.

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The market is up today because he jettisoned that bad metaverse idea and the market knows that he will quietly close it down and stop wasting money on it. Like Google shut down its bad Google Plus competitor to Facebook after making the company all about Google Plus.

If not for metaverse, the company might have been up $2.5T.

Pretending that people would walk around wearing those goofy glasses all day itself is a stupid idea. It's a novelty, nothing more. Good for gaming and for occasional 3d type meetings. No one is going to "live" in the metaverse. If nothing else, it is unhealthy physically and mentally.

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That's all fine and dandy, but there's nothing to laugh about here. Metaverse is getting mothballed. So what. Idea failed. At the time he launched, it was a massive market mover and he wasn't the only company that dumped billions into it. Company is still the 7th largest in the US (market cap) and he's contributed significantly to all of our IRAs.

Your OP is just stupid. Laugh at the guy worth $250B because he had a bad idea while you're on a message board and too cheap to even buy stars. Sure okay.

He started dumping the money into metaverse in Oct. 2021. META market cap is up over 100% in four years…yeah. WHAT AN IDIOT!!

I want companies to take big swings and fail, and then take more big swings. They're not all going to pay off, but some will, and that's how we get SpaceX. Most of these AI ventures will almost certainly flame out, but maybe companies can take something from those flameouts to move us forward.

His mighty investment of VR innovation has resulted in my little nephew playing Gorilla Tag. 60 billion so kids can play as a legless gorilla.

Claude! said:

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I want companies to take big swings and fail, and then take more big swings. They're not all going to pay off, but some will, and that's how we get SpaceX. Most of these AI ventures will almost certainly flame out, but maybe companies can take something from those flameouts to move us forward.

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Good point in general, but this metaverse thing was just a bad idea from the start. Like Musk's idea that robots will do all the work and people will just vacation and collect a salary. Won't work.

I don' think Meta's SuperIntelligence Lab will do anything worth the money he is spending but that has more of a chance. I am not familiar with his plans there but it is exciting.

I don't think that either AR or VR will be truly viable until the technology can be further scaled down and streamlined to be unobtrusively incorporated into daily life.

For AR you'd need for it to be a feature of something akin to a neurally integrated implant (neuralink or some other Black Mirror-esque tech, or perhaps contact lenses with display overlay that are part of and communicate with a non-implanted system).

Likewise, VR won't reach its potential until a way for full immersion and usage from within a sleep/trance state is devised. Sitting around using a headset is novel for short stretches of time but past that it's more of a hindrance than a facilitator of increased productivity.

Agreed. A lot of the ideas are going to be **** and dead ends. Some will be **** that can built upon. A golden few will be great.

I recall reading an interview with one of PayPal's founders (may have been Thiel, but not important). He said something like his first company was an abject failure, his second was a failure, his third almost succeeded, and on down the line until he got to PayPal.

infinity ag said:

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If not for metaverse, the company might have been up $2.5T.

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For someone that boasts being an "investor", you really don't seem to understand investing and markets.

Sure, what you said could be true, but the converse is more likely to be true. If not for the Metaverse idiocy, it might not be worth $1.7T as it is, now. It might only be worth a third of that.

That's how **** works.

Your penchant for hating on anything CEO related....again, falling back on your continued statements of being an investor....is silly and not very informed.

BigRobSA said:

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infinity ag said:

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If not for metaverse, the company might have been up $2.5T.

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For someone that boasts being an "investor", you really don't seem to understand investing and markets.

Sure, what you said could be true, but the converse is more likely to be true. If not for the Metaverse idiocy, it might not be worth $1.7T as it is, now. It might only be worth a third of that.

That's how **** works.

Your penchant for hating on anything CEO related....again, falling back on your continued statements of being an investor....is silly and not very informed.

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You have no idea what you are talking about.
Metaverse was a bad idea because Zuck had no clue about user behavior. No one wants to spend their entire lives wearing those stupid glasses of his. It works only for gamers and and for people using it for a short time like maybe pilots or race drivers. So if he had never started on this journey, he would have used the money on something worthwhile or maybe just invested it and had it grow. But all he did was pay salaries and buy infra for nothing.

So no.

meta's core business (family of apps and ads) is stronger than ever and is the main reason they could even take a swing at something as risky as the metaverse.

as a consolation prize, even if the metaverse was a failure the investments in AR/VR positioned them as the industry leader in wearables, though that's a very small fraction of their business.

Old McDonald said:

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meta's core business (family of apps and ads) is stronger than ever and is the main reason they could even take a swing at something as risky as the metaverse.

as a consolation prize, even if the metaverse was a failure the investments in AR/VR positioned them as the industry leader in wearables, though that's a very small fraction of their business.

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I am not sure about Facebook. It was the hot new thing in 2007 and I was able to find many long lost classmates etc. None of my kids have FB accounts and I asked my teenage daughter and she said it was for "old people". Now they use Snapchat and Discord and other apps. Whatsapp is used but I don't think they are monetizing it. I still like Facebook but I notice none of my friends post their vacation pics anymore which is a good thing. I just spend time in certain groups of topics that I am interested in.

I am sure he is monetizing in different ways, they have some analytics platform also that I had worked on for a bit.

Super AI is his new plan for the future. I think they are over promising, but I am curious what they come up with. Ultimately he has to make money else he will be out of business.

Will he give refunds to all of the dorks that paid thousands for real estate in the Metaverse?

infinity ag said:

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Old McDonald said:

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meta's core business (family of apps and ads) is stronger than ever and is the main reason they could even take a swing at something as risky as the metaverse.

as a consolation prize, even if the metaverse was a failure the investments in AR/VR positioned them as the industry leader in wearables, though that's a very small fraction of their business.

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I am not sure about Facebook. It was the hot new thing in 2007 and I was able to find many long lost classmates etc. None of my kids have FB accounts and I asked my teenage daughter and she said it was for "old people". Now they use Snapchat and Discord and other apps. Whatsapp is used but I don't think they are monetizing it. I still like Facebook but I notice none of my friends post their vacation pics anymore which is a good thing. I just spend time in certain groups of topics that I am interested in.

I am sure he is monetizing in different ways, they have some analytics platform also that I had worked on for a bit.

Super AI is his new plan for the future. I think they are over promising, but I am curious what they come up with. Ultimately he has to make money else he will be out of business.

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Instagram does very well for Meta and Whatsapp is amazingly popular around the world, which I'm sure they are monetizing somehow

gougler08 said:

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infinity ag said:

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Old McDonald said:

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meta's core business (family of apps and ads) is stronger than ever and is the main reason they could even take a swing at something as risky as the metaverse.

as a consolation prize, even if the metaverse was a failure the investments in AR/VR positioned them as the industry leader in wearables, though that's a very small fraction of their business.

---

I am not sure about Facebook. It was the hot new thing in 2007 and I was able to find many long lost classmates etc. None of my kids have FB accounts and I asked my teenage daughter and she said it was for "old people". Now they use Snapchat and Discord and other apps. Whatsapp is used but I don't think they are monetizing it. I still like Facebook but I notice none of my friends post their vacation pics anymore which is a good thing. I just spend time in certain groups of topics that I am interested in.

I am sure he is monetizing in different ways, they have some analytics platform also that I had worked on for a bit.

Super AI is his new plan for the future. I think they are over promising, but I am curious what they come up with. Ultimately he has to make money else he will be out of business.

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Instagram does very well for Meta and Whatsapp is amazingly popular around the world, which I'm sure they are monetizing somehow

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Yes, I think IG is doing well and making money.
He bought IG though, he did not develop it organically like he did FB.

infinity ag said:

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BigRobSA said:

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infinity ag said:

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If not for metaverse, the company might have been up $2.5T.

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For someone that boasts being an "investor", you really don't seem to understand investing and markets.

Sure, what you said could be true, but the converse is more likely to be true. If not for the Metaverse idiocy, it might not be worth $1.7T as it is, now. It might only be worth a third of that.

That's how **** works.

Your penchant for hating on anything CEO related....again, falling back on your continued statements of being an investor....is silly and not very informed.

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You have no idea what you are talking about.
Metaverse was a bad idea because Zuck had no clue about user behavior. No one wants to spend their entire lives wearing those stupid glasses of his. It works only for gamers and and for people using it for a short time like maybe pilots or race drivers. So if he had never started on this journey, he would have used the money on something worthwhile or maybe just invested it and had it grow. But all he did was pay salaries and buy infra for nothing.

So no.

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I agree it was a bad idea, but I (nor you, evidently) are his intended core customer(s).

He gambled, as any entrepreneur does. No way to know, beyond silly demographic studies, whether his idea was dumb or "the next big thing".

Regardless, there is no way to assume his valuation being more, or less, than what it is now if he didn't pursue his idiotic idea.

"Scared money don't make no money!" - YG