Meta's Multi-Billion Dollar Bet On Metaverse December 20, 2022
Story: Divya Sinha
Reality Labs CTO Andrew Bosworth wrote that Meta in 2022 came with a new name and a new vision for the future but economic challenges created a storm of scepticism about any investment.
As per Bosworth, approximately 80% of Meta's total investment is supporting its core business with the remaining 20% going to Reality Labs.
He believes this level of investment makes sense for a company committed to remaining one of the world's most competitive and innovative industries.
In November, Meta CEO Mark Zuckerberg said he still has a long-term vision for the Metaverse despite losing $3.6 billion and subsequently laying off 11,000 employees.
In October, Meta shipped two of these in Meta Quest Pro i.e Mixed reality and eye and face tracking needed for AR and VR devices.
In September, Meta also rolled out NFT features for Instagram and Facebook for all US users.
Currently, Meta is trading at $114.48 with a 27.11% down in past six months.