Meta ($META) Stock Drop Leaves Company With VR Conundrum – Bloomberg
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The CEO thinks virtual reality is the future. But does that project need to be inside the same company as Facebook?
Photographer: 731; photo: Alamy
Mark Zuckerberg is running low on believers in his vision of a virtual-reality future—at least among Meta shareholders. Some analysts say the company’s chief executive officer is pitching the wrong audience.
Meta Platforms Inc. is essentially running two operations: the social media platforms including Facebook and Instagram, which make all the money, and a massive project called Reality Labs that’s trying to build a digital world called the metaverse. While it’s not unusual for a technology company to invest heavily in a moonshot, Meta’s bet has become divisive at a moment when its social media revenue is slipping. “They are really taking on a massive science project—it’s essentially the Manhattan Project,” says Kamran Ansari, a venture partner at Greycroft Partners and early angel investor in Meta back when it was called Facebook.
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