Imagine spending $45 billion and having nothing to show for it. That's essentially what Facebook did with the ill-conceived Metaverse for the past four years.
Mark Zuckerberg was so sold on the idea of people existing in a virtual world of cartoon, muppet avatars that he even changed the company's official name to Meta.
And now reports are coming out that Meta is pulling funding for the project, so the Metaverse is officially "cooked."
(Yes, CNN journalists used "cooked" in a headline).
We here at Not The Bee pretty much called the platform's demise from its inception.
After news broke early this month that the Metaverse was collapsing, investors cheered:
The stock ended the day up 3.4%.
Though it's hard to know if Meta's new plans will be any better.
Savings from metaverse cuts, people familiar with the plans told Bloomberg, are expected to be diverted to other projects, including AI glasses and other wearables, where Meta is trying to cement its dominance.
Yep, Meta is now going all in on AI glasses.
Maybe they better not extinguish those bottomless money furnaces just yet.
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