Meta Just Surged 5% Because Zuckerberg Announced A 30% Cut To Metaverse: Here’s Why
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Facebook’s daddy company, Meta, has just announced a 30% scale back of spending on their flagship VR ‘metaverse’ product and the whole planet let out a collective sigh of relief.
The market’s agreed that giving up on this dream is probably a good idea, gifting the Zuck a 5% stock boost for the company worth about $69 billion dollars in money.
We call that in the biz, “a carrot”.
Metaverse? I hardly know her
For over half a decade, Facebook has really been trying to “make fetch happen,” but hasn’t released any substantial products, the ones they have shown off are janky af and no one really wants a virtual reality world in the first place except for sex pests and cool sci-fi hackers.
But no, when the Zuck goes, he goes hard, reskinning the company as ‘Meta’ in 2021, signalling its commitment to the pos product that no one wants.
That’s quite a statement there son, would be embarrassing if after committing to the name you then pivoted to AI in 2023, huh?
I mean, that really says it all. Tech companies all have that startup mindset of chasing growth above everything else. The moment you stop, you die. That’s why they all seem to branch out into these bizarre disparate products and it’s why they’ll push whatever new shiny thing they can find if it looks like it’ll get more eyes on them.
In the 2000s it was the internet, in the 2010s it was cloud computing, now it’s AI but for a moment there, the Zuck reeeeallly thought it was going to be VR.
The dog that caught the car
And yes, some of those bets paid off, but those successes are littered with the corpses of companies that lost out chasing the same goal. And on top of that, us poor consumers had to suffer through every fad being stapled to every product then rammed down our throats whether we wanted it or not. (Need I mention NFTs?)
So good riddance to the metaverse, but then, it was always meant to die. Just wait and see, when the next shiny shiny waves itself in front of Mark he’ll ditch AI just as quick. They all will. Because this isn’t about making good products. It’s about growth. It’s about making money above everything else.
And it always has been.
For more on Facebook just nailing exactly what everyone wants, read this: Facebook Announces “Smart Glasses” To Make You Look Smart
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