![]() Will virtual reality be an escape, the next level of gaming if you will? Sure, it already is taking place. Meta Quest Website – Horizon Worlds, Social Metaverse Youngsters can believe that’s the next step for the Internet’s revolution/evolution, but if tens of millions of people lack a job (with sharply higher unemployment approaching) or monetary help from parents and friends to pay rent, buy food, or make a monthly car payment during a deep recession or prolonged period of weak economic growth, shouldn’t society tackle pressing earthly issues first? To say we are all going to now live and work in a virtual universe is a HUGE leap of faith few people I talk with desire to do on a massive scale, as a justification for Reality Labs spending. I know social media took off like a rocket ship a decade ago, but it was basically a shift in media away from television toward news/gossip/opinion sharing online for individuals and businesses, between family, friends and customers. I know estimates of fantastical growth are out there for the metaverse intersection of virtual reality and human endeavors, even by respected Wall Street firms that in other sectors of the economy are far more conservative in their analysis. That the nearly 8 billion people of planet earth can barely deal with their present, physical and financial reality is the reason to slow down Meta’s crazy spending push. But, to reach these attainable goals, Zuckerberg has to dramatically cut spending on the metaverse, or even completely shut down the project. My view is Meta can again trade above $200, and perhaps eclipse $300 in an eventual economic turnaround for America. The result of VR losses piling up into the tens of billions of dollars over time is that investors have tired of the nuttiness, sending Meta’s price well under the $200 share price I figured earlier in the year would prove a durable bottom area. Over the past 12 months, Reality Labs has spent $13 billion in shareholder capital developing a service with a minor $2.5 billion in annualized revenue, that is not guaranteed to be a hit in any form or fashion. On top of this year's cyclical downturn, Meta appears to be betting the future of the company on a computer-based, online virtual reality that only a small segment of the population wants anything to do with. While boom times in the stock market and economy before 2022 allowed for some extra spending on pet projects and pipe dreams from this technology wunderkind, the latest stock quote implosion during an evolving recession is screaming enough is enough. However, this article will focus on the bottomless pit of spending by its Reality Labs division, the "metaverse" brainchild of Zuckerberg a few years ago. Considering the mind-alerting influence of websites and apps run by Meta, scores of potential users have decided against participating on company services in response, while hordes of investors are now refusing to own the stock. His previous insistence on anything-goes political views, and lack of an adult-like plan to police conspiracy theories and misinformation on social media platforms, have been a turnoff for many. The growing disconnect in founder and CEO Mark Zuckerberg’s view of reality is a clear and present danger to Meta Platforms, Inc. ![]()
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