MARK Zuckerberg has revealed a big financial flaw in his metaverse project plans.
The billionaire and Meta, formerly Facebook, CEO made the revelation at the company’s annual meeting.
Zuckerberg said his metaverse project will lose a “significant” amount of money for the next three to five years.
According to Bloomberg, he told shareholders: “We want to get the hardware to be as affordable as possible for everyone, and make sure the digital economy grows.”
This means the CEO plans to throw a lot of money at the metaverse without getting much back at first.
He thinks a lot of people will eventually be immersed in his virtual world within the next 10 to 15 years, where they will start spending money and living their everyday lives.
The Facebook founder spent around $10billion (£8billion) on his metaverse project in 2021 and plans to continue developing it.
Zuckerberg also revealed that some of the metaverse products wouldn’t be ready for the next 15 years.
He made the comments in response to a shareholder’s question regarding the return on investments.
Zuckerberg also wants to spend money hiring 10,000 more people to work on his metaverse world.
He already has about 10,000 working on the project.
One Meta shareholder called for a report into Zuckerberg’s metaverse plans to see if they were “prudent and appropriate.”
Facebook employees recently told Business Insider that Zuckerberg is focused on little else but the metaverse.
The Facebook founder has big plans for the metaverse and wants it to be so good you won’t want to leave.
Zuckerberg recently told tech podcaster Lex Fridman: “A lot of people think that the metaverse is about a place, but one definition of this is it’s about a time when basically immersive digital worlds become the primary way that we live our lives and spend our time.”
He added: “I think that’s a reasonable construct.”
In Zuckerberg’s metaverse, humans are represented by legless avatars.
The billionaire has demonstrated how individuals could create their own worlds from a completely blank canvas.
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