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Meta's Metaverse Disaster: Thousands Fired, Projects Abandoned. But "It's Still the Future"?

Published 03/31/2023, 08:08 PM
Updated 03/31/2023, 09:00 PM
© Reuters. Meta's Metaverse Disaster: Thousands Fired, Projects Abandoned. But "It's Still the Future"?
META
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  • Meta’s head of global affairs claims Metaverse is the future in a press conference.

  • The executive believes Meta could capitalize on its investment if it focuses on two things.
Meta, formerly known as Facebook (NASDAQ:META), struggled in its transition to the metaverse despite the concept inspiring its new name. With the company suffering three consecutive quarters of revenue losses and its stock experiencing its worst year to date, Meta pursued other ventures.

In its pursuit, the company found love for artificial intelligence. This led to Meta laying off thousands of its employees and pulling the plug on many of its projects, including Instagram and Facebook NFTs.

While it seemed Meta was done with the virtual world, it appears the company is not quite ready to give...

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