Latest

Meta* responded to the haters of the idea of the metaverse

The parent company of the largest American social network responded to criticism of the management because of the financial costs of the metaverse. Andrew Bosworth, CTO of Meta, wrote about this on the company's blog. According to him, the company still intends to spend up to 20% of its capital on the development of the metaverse in 2023.. That percentage of investment makes sense for a company looking to stay at the forefront of “one of the most competitive and innovative industries in the world,” he added.. At the same time, Bosworth acknowledged that the long-term value of the technology will depend on how it is received by developers and digital artists.. How long Meta plans to work on the metaverse is unclear. However, Meta's CTO has already hinted that it will take a few more years just to develop really high-quality augmented reality glasses. At the end of October, Meta warned that it expected “substantial” losses due to the development of the metaverse.. Since the beginning of 2022, the company's virtual reality division Reality Labs has “eaten” Meta's budget by $5.8 billion. In 2023, the company's costs for the work of Reality Labs will increase significantly, according to Meta's financial report for the third quarter. Previously, Meta's lack of progress towards virtual reality drew criticism from investors.. Hedge fund Altimeter Capital Management, which owns a 0.1% stake in META, called on the American company to regain investor confidence and also limit spending on Reality Labs. According to Altimeter Capital CEO Brad Gerstner, Meta's investment in “an unknown future is oversized and terrifying, even by Silicon Valley standards.” At the time of writing, META's stock price is down more than 4% to $114, according to TradingView data. Meta's market capitalization has decreased to $303.5 billion.Disclaimer All information contained on our website is published in good faith and in an objective manner and is for informational purposes only. The reader is solely responsible for any actions taken by him on the basis of information received on our website.