Meta’s Fantasy

Mark Zuckerberg has defended his vision for the Metaverse more passionately than ever. Investors are growing restless, but they can do little about it because of the unhealthy extent of Zuckerberg’s power.

Meta has concluded a catastrophic quarter. That did not stop founder and CEO Mark Zuckerberg from laying it on thick. In his telling, the internet company has done work “of historic importance” relating to the Metaverse, claiming that in future decades, people will be talking about Meta’s achievements in the field. Zuckerberg has never defended his vision for this futuristic, albeit very vague virtual world so passionately.

It shows how desperate he is to explain himself. Meta is pumping enormous sums of money into this bet. Zuckerberg is punching it through while the core businesses of Facebook and Instagram are experiencing very turbulent times, not only because of the difficult economic situation, but also because of increased competition from platforms like TikTok. There have been no convincing responses that go beyond copying functions offered by rivals.

Dissatisfaction is spreading among investors, but given Zuckerberg’s power as CEO, who also controls the majority of votes, there is little they can do. He can indulge himself in futuristic fantasies as much as he wants.